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

The following Financial Services practice 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?
  • Investment services and activities
  • Financial instruments
  • Exemptions
  • What does MiFID II do?
  • OTFs—a new kind of trading venue
  • MTFs—enhanced regulation
  • Non-discriminatory access
  • More...

MiFID II and MiFIR—one minute guide

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.

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

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