""Financial Instruments Regulation""

…futures and derivatives markets. For example, the European Commission recently published a proposal developed by the European Securities and Markets Authority ("ESMA"), which updates the Markets in Financial Instruments Directive, commonly known as "MiFID II", and the Markets in Financial Instruments Regulation, commonly known as "MiFIR." The scope of the final regulations and the degree to which member states will be allowed discretion in implementing the directive is yet to be seen. If these regulations are adopted, including, for example…