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