Opening the MiFID II pandora

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Earlier this year, the Commission started consulting on a series of priority areas as part of its on-going MIFID II/MiFIR review. This webinar will focus on two issues that are rather technical (and perhaps controversial), but key to the functioning of capital markets. Namely, investment research and the non-equity transparency regime. ‘Re-bundling’ will be allowed for small/mid-cap issuers as well as fixed income, as a response to criticism that unbundling reduced research coverage - even if the evidence is far from conclusive on this matter. MiFID II expanded the scope of the pre-and post-trade transparency to the fixed income space. However, there are fears that the objectives have not yet been met, especially given the specific market structure. Proposals to simplify and improve the overall conditions for participants are made up of, for example, liquidity thresholds, waivers and deferral options.



  • Tilman Lueder, Head of the Securities Market Unit, DG FISMA, European Commission 
  • Liz Callaghan, Director, Secondary Markets - Market Practice and Regulatory Policy, ICMA
  • Pierre Chabrol, Head of the Savings and Financial Market Unit, French Treasury
  • Matthijs Geneste, Supervisor Market Infrastructure, Capital Markets Integrity, Dutch Authority for the Financial Markets (AFM)

​Moderated by Karel Lannoo, CEO of CEPS and General Manager of ECMI


This event is free for CEPS, ECRI and ECMI members. EU and national officials, academics (including PhD students), NGOs (not representing a commercial interest) as well as press are also admitted free of charge.