3. Relevant Changes from MiFID I

The chapter highlights how MiFID II differs from MiFID I, with regard to trading venues, instruments and entities affected by the new legislation, as well as the changes to the supervisory architecture. This is done by describing the legislative path undertaken and explaining the three-pillar content addressed by the Package (product governance, product intervention, rules governing the interaction between intermediaries and clients). We investigate how said EU legislation deals with specific issues, highlighting which rules are applicable to certain recipients and which are not, with a view to the issues of practical enforcement. In particular, the latter is addressed by explaining the rationale of including certain rules into the Directive rather than the Regulation, or vice versa. Moreover, we focus on the provisions entailing a close cooperation between different supervisory authorities. Finally, we discuss corporate governance and risk management issues, as well as those dealing with investor protection and transparency toward clients, which are highly significant in order to ensure an efficient implementation of the principles inspiring the Package.