On 3rd January the Markets in Financial Instruments Directive (the so called MiFID II) is finally entered into force, binding with its new package of rules all European-based financial businesses involved in the distribution or trading of financial instruments (including the major U.S. banks operating in Europe). 

The Directive - as stated by ESMA, in the Q&A released on December 18, 2017 - is aimed to “strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent”.