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

By David Calligan Karen Butler King & Wood Mallesons’ London office.


MiFID II will significantly increase the regulation of almost all types of secondary market trading activities and functions. It will introduce a new multilateral trading venue, known as an Organised Trading Facility (OTF) and extend the bilateral Systematic Internaliser (SI