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Part II Investment Firms and Investment Services, 2 The Scope of MiFID II

Kitty Lieverse

From: Regulation of the EU Financial Markets: MiFID II and MiFIR

Edited By: Danny Busch, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 May 2024

Credit risk — Enforcement — Investment business — Prudential regulation — Regulated activities — Supervision

In this chapter the main changes to the scope of MiFID in MiFID II are listed and discussed. MiFID II changes the scope of the supervision of investment firms and business related to this industry. The revision and—in some cases—extension of the definition of ‘financial instrument’ affects the scope of MiFID II supervision. Advisory and distribution services for structured deposits by investment firms and credit institutions have been brought within the scope of MiFID II. The scope of some exemptions to MiFID II has been revised. The broader scope of MiFID II has an effect beyond the applicability of MiFID II regulation: the prudential requirements are as a starting point linked to the MiFID II qualification, although with specific exemptions. Linking prudential supervision to the MiFID II qualification, rather than to the prudential risk profile of the underlying services and activities, is subject to review and reconsideration.

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