Lux close to Mifid II adoption

Luxembourg's Chamber of Deputies Flickr/Jakob Montrasio (CC BY 2.0)

Luxembourg's Chamber of Deputies Flickr/Jakob Montrasio (CC BY 2.0)

Luxembourg is in a race against time to implement the Mifid II directive into law. Adoption of the directive at European level was set for 3 January 2018.

On 30 March, MPs in the Luxembourg finance committee were still working on the draft law. According to parliament, they adopted 35 amendments after analysing the opinion of the Council of State.

Described by MPs as a “very technical” file, the text aims to improve the transparency of content before and after trade, broaden the scope of financial instruments such as derivatives, bonds and structured products, introduce a new organised system category for negotiations, strengthen investor protection and harmonise the European financial market.

“Mifid II” is based on two texts: a regulation, “Mifir”, which focuses mainly on market aspects, and the “Mifid I revised” Mifid II directive, which is more oriented towards the rules of conduct.

Despite the fact it is not yet transformed into legislation, financial services advisory body CSSF insisted it be implemented from 3 January.