MiFID II and MiFIR—one minute guide
MiFID II and MiFIR—one minute guide

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

  • MiFID II and MiFIR—one minute guide
  • What is the MiFID II framework?
  • Who does MiFID II apply to?
  • What does MiFID II do?
  • MiFID II—timeline

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.

What is the MiFID II framework?

In 2014, EU legislators agreed to replace the Markets in Financial Instruments Directive (MIFID) with a new Directive (MiFID II) and Regulation (MiFIR) (together the MiFID II framework). For an article-by-article roadmap of the level 1 texts of MiFID II and MiFIR, including changes to MiFID and subsequent amendments, see Practice Notes: MiFID II level 1 roadmap and MiFIR level 1 roadmap. For a glossary of terms defined in the level 1 texts, see Practice Note: MIFID II and MiFIR Level 1 Glossary.

The MiFID II framework is supported by a number of level 2 and level 3 measures under the Lamfalussy process in the form of delegated acts, technical standards, guidance and Q&A documents. For more information, see Practice Notes: MiFID II and MiFIR level 2 measures and MiFID II and MiFIR level 3 measures. For an article-by-article roadmap of MiFID II and MiFIR highlighting the level 2 and level 3 measures that apply to each article, see Practice Notes: MiFID II level 2 and level 3 roadmap and MiFIR level