MiFID II is set to come into effect in January 2018. MiFID II will govern all aspects of the financial markets, including derivatives trading and reporting.
MiFID II will extend derivative transaction reporting obligations to:
- investment managers providing advice and portfolio management to individuals;
- credit institutions;
- market operators;
- all financial counterparties under EMIR;
- central counterparties and persons with proprietary rights to benchmarks; and
- third-country firms providing investment services or activities within the EU.