MiFID II and MiFIR (MiFID II) is a cornerstone of EU’s regulation of financial markets seeking to improve competitiveness by creating a single market for investment services and activities and to ensure a high degree of harmonised protection for investors in financial instruments. In the context of the CMU Action Plan, the European Commission has proposed certain amendments to the MiFID II rules relating to market structure issues, such as the creation of a Consolidated Tape and amendments to the transparency regime. By the end of 2022 the Commission is expected to present a proposal for a Retail Investment Strategy, including amendments to the investor protection rules in MiFID II, IDD and PRIIPs.

MiFID II-related issues is one of the key areas of collaboration within NSA. There is an active NSA working group where representatives from the national associations share information act with a common voice towards a variety of counterparties such as for example EU authorities as well as national competent authorities and Ministries of Finance.