Co-operative banks have generally been supportive of the introduction of the ‘Markets in Financial Instruments Directive’ (MiFID) II and its accompanying ‘Markets in Financial Instruments Regulation’ (MiFIR), as they are the legal basis for disclosure requirements that provide end clients with clear, correct and comparable information on all costs and charges relating to the provision of investment services and financial instruments. Having said that, the implementation of these legal texts has not been without difficulties. Resolution of such implementation issues has been an ongoing priority topic for EACB members since entry into force of MiFID II and MIFIR. This is the reason why these regulations were addressed in the EACB’s recommendations for the European Commission’s mandate ‘2019-2024’ published in June 2019.
However, EACB members felt that a more comprehensive approach was required and thus began work on a cost-benefit and legal analysis of the implementation issues generated from MiFID II/ MiFIR and how these could be resolved. On 6th November 2019, the final result of this analysis was completed and is now publicly available for download on the left side of this page.