New consolidated version: Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance)Text with EEA relevance

A new consolidated version of Directive 2014/65/EU, the Markets in Financial Instruments Directive II (MiFID II), was published in the Official Journal (OJ) of the EU. The consolidated version includes the amendments made by Regulation (EU) 2022/858, the DLT Pilot Regulation, which basically sets out a necessary regulatory framework for market infrastructures to facilitate the issuance, transfer, and settlement of financial instruments that are represented digitally on distributed ledgers.
Specifically, the DLT Pilot Regulation modified MiFID II to redefine the term „financial instrument“ to include those issued by / on distributed ledgers (Article 4, point (15)) and to require member states to adopt corresponding provisions to accommodate transactions in the new „financial instruments“. We recommend to review EventID 15953 in this context for more information.