MiFID II

MiFID II

This overview provides a guide to the Corporate content within the MiFID II subtopic with links to the appropriate materials.

Background to MiFID and MiFID II

The Markets in Financial Instruments Directive (2004/39/EC) (MiFID), which replaced the Investment Services Directive (93/22/EEC) (ISD), was adopted as a level 1 or framework directive under the Lamfalussy process and had to be implemented into the national laws of EU Member States by 1 November 2007 (although some Member States missed the implementation deadline). Its aim was to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensure a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various

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Latest Corporate News

Corporate weekly highlights—23 October 2025

This week's edition of Corporate weekly highlights includes: the FCA’s Primary Market Bulletin 58 outlining key steps for submitting documents before the new Public Offers and Admissions to Trading Regulations (POATRs) regime takes effect, the FCA’s guidance on the application of complex financial history and commitment rules and a case on the specific performance of an oral agreement for the sale and purchase of the entire share capital of a private limited company.

FCA fines and bans adviser for insider dealing

The Financial Conduct Authority (FCA) has fined Neil Sedgwick Dwane £100,281 and banned him from working in UK financial services for insider dealing. In 2022, while working as an adviser to ITM Power Plc, Dwane used inside information about a forthcoming market announcement to sell 125,000 shares worth £124,287 the day before the announcement. He later repurchased 180,000 shares worth £140,700 after the share price fell by approximately 37%, making a profit of £26,575 from the price difference. Dwane also failed to obtain ITM's required permission before dealing in its shares. The FCA stated that the penalty reflects a 30% discount under its Stage 1 settlement procedures; without the discount, the fine would have been £126,575 plus interest on the £26,575 profit obtained.

FCA publishes Primary Market Bulletin 59 and review of compliance with delayed disclosure of inside information requirements under UK MAR

The Financial Conduct Authority (FCA) has published Primary Market Bulletin 59 (PMB 59).

European Parliament rejects committee position on sustainability omnibus and delays vote

The European Parliament has rejected the mandate adopted by its Legal Affairs Committee (JURI) on the proposed sustainability omnibus package (Omnibus I) on 13 October 2025, with 309 votes in favour, 318 against and 34 abstentions. Members of the European Parliament (MEPs) will vote again on the amendments to the omnibus on 13 November 2025. Once Parliament adopts its position, it will then be able to begin negotiations with the Council of the EU, which adopted their position on 23 June 2025. The aim is to finalise the legislation by the end of 2025, however this timetable may be in doubt given the dispute over the Parliament’s negotiating mandate. The package comprises major proposed revisions to the Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) and the Corporate Sustainability Due Diligence Directive (EU) 2024/1760 (CS3D). It aims to simplify existing sustainability reporting and due diligence requirements, reducing administrative burdens on companies, while improving competitiveness.