Abstract
The European Commission adopted on 25 November 2021 its proposal for a review of MiFIR (Regulation (EU) No 600/2014) on enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwarding client orders.
The MiFIR review proposals are based on the aim of the Capital Market Union to strengthen and reduce fragmentation in the EU capital markets. Regulatory amendments are proposed in several areas of MiFIR - such as the ban on payments for order flows, removal of the main obstacles to the creation of a consolidated tape and enhancing market transparency by simplifying some of the transparency obligations and levelling the playing-field between the different venues and methods of trade execution.
The aim of this article is to provide the reader with insight into the MiFIR review by introducing the main areas of the review and outlining the directions in which the discussion between member states in the Council of the EU is unfolding. At the same time, some key challenges in achieving a general approach of the EU Council, not only faced by the Czech Presidency in the second half of 2022, are more elaborated.