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Rules and Regulations

Legal and Regulatory

Find out about the activities of Nasdaq’s Legal and Regulatory team in adapting the new requirements to Nasdaq’s existing structure, in order to facilitate compliance of the markets and their members.

Nasdaq Legal

The Nasdaq legal department is working to assist in the internal country-specific implementation and is a contributor to EU affairs. Through our Brussels office we have been involved in the development of the MiFID II regulation and are currently involved in the work pertaining to the Level 2 text. Further we were involved in the review of the Official Report of the Swedish Government regarding MiFID and on a continuous basis we contribute to various working groups. Our department is also involved in shaping the Level 3 text by submitting questions and rationales to the FSAs who brings those to their respective working groups. 

In our internal implementation project there are 26 identified initiatives and work streams for which we are providing legal expertise. We also manage Nasdaq’s relationship and contacts with authorities in all jurisdictions in which Nasdaq operates, and we coordinate and provide responses to various consultation papers from various rule makers and other organizations.  

As Nasdaq operates in multiple jurisdictions, our team has relevant country specific and local expertise.  If you have any questions, don’t hesitate to reach out to any of our lawyers or contact us via mifid2faq@nasdaq.com

About MiFID II

The Markets in Financial Instruments Directive (MiFID II) partly replaces and recasts MiFID I, while the Markets in Financial Instruments Regulation (MiFIR) partially replaces the MiFID I framework and also amends the European Market Infrastructure Regulation (EMIR). The overarching purpose of MiFID II is to improve the functioning of financial markets by making them more efficient, resilient and transparent. MiFID II builds on the rules already in place through MiFID I (2007) by taking into account the changes in trading environment and the lessons learned in the financial crisis. It also extends the scope to cover non-equities. 

MiFID II and MiFIR were finalized and published on January 17, 2014, adopted by the European Parliament on April 15, 2014, by the Council of the European Union on May 13, 2014 and published in the EU Official Journal on June 12, 2014. As has been communicated by the European Commission, implementation of MiFID II and MiFIR has been postponed with one full calendar year to January 3, 2018.

MiFID II and MiFIR are comprised of three levels of reulations, commonly referred to as “Level 1,” “Level 2,” and “Level 3.”

“Level 1" is the actual Directive and Regulation, 

“Level 2” refers to Delegated Acts, RTS and ITS as outlined by ESMA. 

“Level 3” stands for Guidance and Q&A from ESMA and the National Competent Authorities (NCA’s).


For any legal questions regarding MiFID II, see the list of attorneys and their area of expertise:

Chief Counsel Europe
Andreas Gustafsson

Office of General Counsel - Head of Legal Nordic/Baltic
Jimmy Kvarnström, Vice President, Nordic/Baltic legal unit
+46 8 405 6830 

OTF, APA
Adam Göransson

Coordination
Robert Olausson

Finland
Best Execution, Access, Transparency, Microstructure
Joona Heinola 

Denmark
Market Data
Anne Zeuthen Lokkegaard 

Norway
Commodities
Mette Steinsland

Iceland
Admission/Suspension
Magnus Asgeirsson

Rule Books, Market Making
Andreas Blomquist

ARM
Cathrine Coleman

Clearing
Erica Johansson

Governance
Jaakko Raulo

Check the most recent information regarding MiFID II, taken from the latest newsletter:
Our members’ questions are answered on the FAQ page
Sign up for the MIFID II newsletter to stay updated on the latest news and information regarding the MIFID II implementations
Send your MiFID II specific questions to our FAQ
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