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: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. 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