ESMA, EBA and EIOPA have updated their consultation on the detailed rules for the introduction of initial and variation margin for uncleared OTC derivatives.  The most significant change is that their restriction on a single issuer making up more than 50% of the collateral supplied will now only apply to G-SIIs, O-SIIs and where the value of the collateral exceeds €1 billion.  Here is a short paper describing the changes.

One of the flaws in MiFID I was that it missed out some of the newer fast growing markets like ETFs.  MiFID II corrects this by covering nearly everything but grasping which products are covered by which parts is not simple.  Here is a diagram that shows what is under which parts of the regime.