On Friday 30 June 2017, the cabinet of the Luxembourg government approved adoption of the EU directive on MiFID II concerning making financial markets more resilient and transparent, and protecting investors.
The draft law transposes into Luxembourg law the European Directive 2014/65/EU, known as "MiFID II", of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
It amends Directive 2002/92/EC and Directive (EU) No 600/2014, known as 'MiFIR', of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, and amends Regulation Regulation (EU) No 648/2012.
Directive 2014/65/EU and Regulation (EU) No 600/2014 aim to fill the gaps in financial market regulation revealed by the 2008 financial crisis. More concretely, these instruments aim to adapt the legislation on financial markets since the entry into force of the MiFID Directive 2004/39/EC concerning markets in financial instruments, both financially and technologically, and to make these financial markets more resilient and transparent, while strengthening investor protection and providing the supervisory authorities with more effective powers.
