As the Markets in Financial Instruments Directive is recast under the new directive (MiFID II) and related regulations (MiFIR), it is important for hedge fund managers and other firms to prepare for the changes taking effect in January 2017.  To assist in that effort, a recent program presented by Hedge Fund Law Report and Advise Technologies offered a comprehensive overview of the proposed changes under MiFID II and MiFIR.  Moderated by William V. de Cordova, editor-in-chief of the HFLR, the program featured Jeanette Turner, a managing director at Advise Technologies, and Simon Whiteside, a partner at Simmons & Simmons.  This article, the second in a two-part series, addresses access to E.U. markets by non-E.U. firms; direct electronic access; investment advice; transaction reporting; transparency reporting; commodities; trading venues; and preparation for MiFID II.  The first article conveyed insight from the panel on the impact of MiFID II on private funds; the legislative and regulatory status of MiFID II; inducements, soft dollars and research; conflicts of interest; information and reporting; best execution; recordkeeping; and product governance.  For more on MiFID II, see “Changing Regulations May Restrict Hedge Fund Managers’ Use of Soft Dollars in Europe,” Hedge Fund Law Report, Vol. 8, No. 24 (Jun. 18, 2015).  For a discussion by Turner of the MiFID II implementation process and new transaction reporting requirements, see “MiFID II Expands MiFID I and Imposes Reporting Requirements on Asset Managers, Including Non-E.U. Asset Managers,” Hedge Fund Law Report, Vol. 8, No. 21 (May 28, 2015).  For other collaborations between the HFLR and Advise Technologies, see also “Simmons & Simmons, PwC and Advise Technologies Share Lessons Learned from January 2015 AIFMD Annex IV Filing (Part One of Two),” Hedge Fund Law Report, Vol. 8, No. 7 (Feb. 19, 2015).