EEA MiFID II and EEA MiFIR entered into force on 3 January 2018. EEA MiFID I was previously implemented on 1 November 2007 with the objective of making it easier for investment firms to undertake investment business across the EEA, whether on a cross-border basis or through branches. Following the UK’s withdrawal from the EU, EEA MiFID II and EEA MiFIR initially form part of UK law by virtue of the European Union (Withdrawal) Act 2018.

ICMA has been working on the primary market aspects of EEA MiFID I and then EEA MiFID II and EEA MiFIR – notably on product governance (which has joint implications with the distinct EEA PRIIPs regime), underwriting and placing (allocation justification recording), inducements and costs & charges. See further the material set out below, as well as consolidated substantive articles (often combined with PRIIPs) on product governance and a 2017Q3 article on other primary market aspects from the ICMA Quarterly Report.

Other conduct of business elements relating to primary markets are set out on the Primary markets conduct (non-MiFID) webpage.

See also: MiFID II/R implementation (covering primary markets, secondary markets, repo markets and asset management).

11 October 2023
ICMA Quarterly Report article: ICMA feedback on EU Retail Investment Strategy proposals

14 September 2023
ICMA response to ESMA call for evidence on integrating sustainability preferences into product governance arrangements

28 August 2023
ICMA feedback on the EU Retail Investment Strategy proposals (PRIIPS Regulation and investor protection aspects of MiFID)

7 October 2022
MiFID II product governance - ICMA response to ESMA guidelines review consultation

5 October 2022
MiFID II product governance - ICMA proposed approach to sustainability-related amendments and MiFID II Delegated Directive 

5 October 2022
MiFID II product governance - amended Schedule 1 (target market assessment) to ICMA1 potential approach ('all bonds / professionals-only')

5 October 2022
MiFID II product governance - amended Schedule 1 (target market assessment) to ICMA2 potential approach ('simple listed bonds  inclusive general retail')

3 August 2021 
ICMA response to EC consultation on a retail investment strategy for Europe (including aspects relating to the EU’s prospectus regime, PRIIPs regime and MiFID product governance, client categorisation and inducement regimes)

21 May 2021
ICMA response to Swedish Ministry of Finance’s Fi2021/01679 consultation (covering implementation of the EU CMRP’s MiFID product governance regime scope alleviation)

10 July 2020
ICMA Quarterly Report article on ICMA’s response to European Commission MiFID II/R review consultation (investor protection aspects)

15 May 2020
ICMA response to European Commission MiFID II/R review consultation (investor protection aspects, including product governance and inducements at pp. 36-56 of 93 pages)

18 March 2020
ICMA response to EC consultation on an EU framework for markets in crypto-assets (security tokens) 

20 December 2019
MiFID II/R and the bond markets: the second year - An analysis of the impacts of MiFID II/R implementation in 2019, its challenges and potential solutions

15 March 2019
ICMA response to German Federal Ministry of Finance MiFIDII/MiFIR consultation

19 February 2019
ICMA response to ESMA consultation on integrating sustainability risks and factors in MiFID II (ESMA35-43-1210)

6 December 2018
MiFID II/R and the bond markets: the first year - An analysis of the impacts and challenges of MiFID II/R implementation since January 2018

8 November 2018 
Letters on the Investment Firm Regulation (third country firm regime) to European Commission, European Parliament and Austrian presidency
8 November 2018 
 
 
April 2018
PRIIPs and MiFID II product governance: the initial experience

27 February 2018
Slides on MiFID II implementation in primary markets (Swiss legal meeting)

26 February 2018
Slides on MiFID II implementation in primary markets (ECBC meeting)

21 February 2018
MiFID II product governance and ECP

January 2018
MiFID II/R and PRIIPs: implementation in primary markets

24 January 2018
Slides on MiFID II implementation in primary markets (ICMA/NCMF event)
  
  
October 2017
PRIIPs and MiFID II/R product governance

12 July 2017
MiFID II/R product governance and PRIIPs

12 July 2017
Other aspects of MiFID II/R implementation in primary markets

4 January 2017
ICMA product governance response to FCA MiFID II Implementation – Consultation Paper III (CP16/29)

4 January 2017
ICMA response to Consultation Paper ESMA/2016/1436 - Draft guidelines on MiFID II product governance requirements

15 June 2015
ICMA response to ESMA Consultation Paper - Draft guidelines on complex debt instruments and structured deposits

15 June 2015
The Joint Associations Committee on Retail Structured Products responded to an ESMA Consultation Paper on draft guidelines on complex debt instruments and structured deposits. See further item 40 on the ICMA retail structured products webpage

1 August 2014
ICMA responded to an ESMA Consultation Paper on MiFID II/MiFIR

31 July 2014
The Joint Associations Committee on Retail Structured Products responded to an ESMA Consultation Paper on MiFID II/MiFIR. See further item 35 on the ICMA retail structured products webpage

2 February 2011
ICMA’s response the Commission’s MIFID Review Consultation

22 December 2009
Joint response to CESR’s consultation paper “Inducements: Good and poor practices” (CESR/09-958)




Contact:

Ruari Ewing    
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee and related groups.
Direct line: +44 20 7213 0316
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8002 Zurich

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London EC4N 6EU
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