By Adrian Brown and Charlotte Collins  King & Wood Mallesons’ London office.

brown_aMiFID II makes various adjustments to the exemptions under MiFID I, largely with the aim of tightening the regime and increasing investor protection.

Although two new exemptions have been added – for operators complying with the EU Emissions Trading Scheme Directive in certain circumstances, and for certain gas and electricity operators – these are consequent upon expansions to the scope of MiFID II rather than indicative of new concessions.

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