MiFID I, MiFID II and MiFIR—essentials
MiFID I, MiFID II and MiFIR—essentials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • MiFID I, MiFID II and MiFIR—essentials
  • Background to MiFID I, MiFID II and MiFIR
  • MiFID I level 2 implementing measures
  • MiFID I level 3
  • Reviewing MiFID I—a new directive and a regulation
  • MiFID II framework level 2 and level 3 measures
  • UK implementation of MiFID I, MiFID II and MiFIR
  • MiFID II transposition in the UK
  • HM Treasury transposition
  • FCA proposals and rule-making
  • More...

MiFID I, MiFID II and MiFIR—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

The Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) was adopted in 2004 and had to be implemented into the national laws of EU Member States by 1 November 2007. On 20 October 2011, the European Commission adopted legislative proposals for the revision of MiFID I, which took the form of a revised and recast directive (MiFID II) and a new regulation (MiFIR) (together the MiFID II framework). The MiFID II framework expands the scope of the pre-existing MiFID I directive. The final MiFID II (Directive 2014/65/EU) and MiFIR (Regulation (EU) 600/2014) texts entered into force on 2 July 2014. The majority of MiFID II and MiFIR became applicable on 3 January 2018. This Practice Note outlines the main provisions contained in MiFID I and the recast provisions contained in the MiFID II framework.

Background to MiFID I, MiFID II and MiFIR

MiFID I, which replaced the Investment

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