TGS Baltic provided legal assistance to the Expobank AS regarding introduction of Financial Instrument Market Directive 2014/65/EU (MiFID II) in the operations of bank

Alise Eljašāne, Senior Associate, and Jekaterina Anohina, Lawyer, of TGS Baltic rendered legal assistance in the procedure of introduction of Financial Instrument Market Directive 2014/65/EU (MiFID II) in the operations of Expobank AS. The purpose of the new regulation of MiFID II in the investment service area is to facilitate the protection of investor’s interests considering the development in the field of financial instrument trading, e.g., completely new type of market participants are introduced, technologies develop. Likewise, the purpose of MiFID II is to ensure the transparency of the financial market by envisaging new obligation of the market participants to publish data and provide reports on the transactions with financial instruments.

On 31 March 2017, the European Commission published 29 second-tier legal acts related to the introduction of MiFID II. The majority of those legal acts are regulations; therefore that shall be applied directly, while MIFID II will be introduced with amendments to the Financial Instrument Market Law.MiFID II and the related second-tier legal acts will come into effect on 3 January 2018 and will be binding upon credit institutions and investment brokerage companies rendering investment services.