This book provides a comprehensive and expert examination of the Markets in Financial Instruments Directive II, which comes into force in January 2018 and will have a major impact on investment firms and financial markets. It offers detailed guidance on interpretation of MiFID II, its measure and aims which include: to increase transparency; better protect investors; reinforce confidence; address unregulated areas; and ensure that supervisors are granted adequate powers to fulfil their tasks. After a thorough overview of the various innovative features of the new legislative framework in comparison with the former MiFID, the book's chapters are grouped thematically to cover the following areas: general aspects; investment firms and investment services; trading; supervision and enforcement; and reform perspectives. Offering high-quality analysis of both the theoretical and practical aspects of MiFID II, this book is an essential guide to this major EU legislation. It brings together the expert opinions of leading practitioners and legal and economic scholars with access to practice, providing a variety of perspectives on the new regime and the likely effect of the increased regulation. The first publication to provide a comprehensive analysis and discussion of the legal and economic aspects of MiFID II. Danny Busch, Professor of Financial Law, University of Nijmegen, The Netherlands ,Guido Ferrarini, Professor of Commercial Law, University of Genoa, Italy Professor Danny Busch holds the Chair for Financial Law and is the Director of the Institute for Financial Law, Radboud University Nijmegen, The Netherlands. He is author of many articles in the field of financial and commercial law, and editor of several books, including European Banking Union (with G. Ferrarini), OUP 2015. From 2002 until 2010 he was an attorney-at-law with the Dutch international law firm De Brauw Blackstone Westbroek in Amsterdam where he practised banking and securities law (both the private law and regulatory aspects). Professor Guido Ferrarini is Professor of Business Law and Capital Markets Law at the University of Genoa, Department of Law, and Director of the Centre for Law and Finance. He is author of many articles in the fields of financial law, corporate law and business law, and editor of several books, including Financial Regulation and Supervision: A Post-crisis Analysis (with E. Wymeersch and K. Hopt).