Introduction to the mifid ii UK implementation roadmap

The recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) and Markets in Financial Instruments Regulation (600/2014) (MiFIR) were published in the Official Journal of the European Union (EU) on 12 June 2014 and entered into force on 2 July 2014. MiFID II and MiFIR significantly amended and expanded the regulatory framework that was established by the Markets in Financial Instruments Directive (2004/39/EC) (mifid I). As amended, the majority of the Directive and Regulation came into effect on 3 January 2018, and EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law.

This document provides an article-by-article roadmap of MiFID II, with information on UK implementation for each article, including proposed and final changes to legislation and rules made by HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

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