On 8 March 2024, the following were published in the Official Journal of the EU:
- Directive 2024/790 of 28 February 2024 amending MiFID. The Directive enters into force on the twentieth day following its publication in the Official Journal of the EU (OJ) (28 March 2024). Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 29 September 2025.
- Regulation 2024/791 of 28 February 2024 amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow. The Regulation enters into force on the twentieth day following its publication in the OJ (28 March 2024).
The Directive and Regulation amend the MiFID II / MiFIR regime to improve access to market data and transparency. In particular the Regulation introduces an EU-wide consolidated tape and new rules that prohibit payment for order flow (PFOF). Member States where the practice of PFOF already exists may allow investment firms under its jurisdiction to be exempt from the prohibition (provided that PFOF is only provided to clients in that Member State). However, the practice must be phased out by 30 June 2026.