User:Cbrownaz24/Markets in Financial Instruments Directive 2014

Transposition
MiFID 2 and its accompanying implementing directive were transposed in full and on time, with minor exceptions. The European Commission has published a transposition table linking to lists of national provisions which transpose directives.

National courts play an especially important role in the enforcement of the directive '''. National courts are tasked with adjudicating cases involving breaches of MiFID 2 regulations and can impose sanctions, fines, and order corrective actions to ensure compliance. Courts also interpret how MiFID 2 should be applied in specific national contexts, hence shaping the practical impact of the directive across different jurisdictions. This judicial oversight ensures that financial institutions adhere to MiFID 2’s high standards.'''

Notable examples of how national courts have dealt with several MiFID 2-related cases include the UK Financial Conduct Authority (FCA)’s use of British courts to enforce financial regulations, and Germany’s BaFin v. Deutsche Bank which protected MiFD 2’s regulations for German financial companies.

United Kingdom
The Financial Services Authority (FSA), now the FCA, was the body responsible for the regulation of the securities industry in the United Kingdom during the period of implementation.

Prior to Brexit, the UK FCA was proactive in pursuing enforcement actions under MiFID 2, especially concerning the accurate and timely reporting of transactions '''. The FCA brought numerous cases involving serious infringements to MiFD 2 before British courts, which usually resulted in the imposition of fines on major financial institutions like UBS and Goldman Sachs. Such institutions were often found by the courts to have failed in reporting millions of transactions.'''

'''Post-Brexit, the UK is no longer bound by MiFD 2. However, to maintain market stability and ensure smooth cross-border financial services, the UK initially incorporated MiFID 2 into its domestic law under the European Union (Withdrawal) Act . Thus, the FCA continues to enforce MiFID-like rules domestically.'''

Germany
The German financial watchdog BaFin, and direct affiliate of the German Federal Court of Justice (GFCC) as a German national financial regulator , identified significant lapses in Deutsche Bank's transaction reporting system '''. BaFin imposed a fine of €170,000 on Deutsche Bank due to deficiencies in its anti-money laundering procedures and for not accurately representing its environmental, social, and governance (ESG) investment practices. Consequently, through the jurisdiction of the GFCC, BaFin played a key role in enforcing MiFD 2 by mandating Deutsche Bank to implement a comprehensive overhaul of its transaction reporting procedures to ensure future compliance with MiFID II regulations.'''

France
The French government has implemented MiFID 2 by modifying the French Monetary and Financial Code, in particular by ordinance number 2007-544 of 12 April 2007, and the decrees 2007-901 and 2007-904 of 15 May 2007. The Autorité des Marchés Financiers (AMF) has also applied MiFID 2 t o its General Regulations (Règlement Général).