FECIF - The European Federation of Financial Advisers and Financial Intermediaries

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Vania Franceschekki

Overview of the amendments proposed on MiFID and MiFIR

At the end of 2021, the European Commission presented a Regulation proposal (2021/0385) to amend the MIFIR Regulation (600/2014 EU) aiming at improving the transparency of market data, the elimination of obstacles to the emergence of a consolidated system of publication, the optimisation of trading obligations, and the prohibition of receiving payments for the transmission of customer orders. At the same time, the Commission also presented a Directive proposal (2021/0384) which modifies the MIFID II Directive 2014/65/EU with purely incidental changes necessary to ensure consistency between the two standards. The two submitted proposals will be examined by the European Parliament in the first few months of 2023.

The ECON Committee of the European Parliament is now examining these proposals for the EU Commission and has tabled several amendments. In particular, with regard to MIFID II, amendment no. 37 was presented, in relation to art. 24 "General principles and information to clients”, proposing a ban on inducements. Indeed, this amendment states that when investment firms provide investment advice, portfolio management or mere execution services, they can only be remunerated through a fee from the client and cannot solicit or accept any other payment or benefit in relation to such services. This also applies regardless of whether the intention is to refund the payments or pass on the benefits to the retail client...



The European Federation of Financial Advisers and Financial Intermediaries (FECIF) was chartered in June 1999 for the defence and promotion of the role of financial advisers and intermediaries in Europe.

FECIF, the only body representing European financial advisers and intermediaries, it is based in Brussels, the heart of Europe.



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FECIF Board Meeting 2018

Board Meeting July 2018 - Brussels, Belgium










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