MiFIR level 1 roadmap
MiFIR level 1 roadmap

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

  • MiFIR level 1 roadmap
  • Introduction to the MiFIR level 1 roadmap
  • Amendments to MiFIR
  • Transfer of powers to ESMA
  • Changes to third-country regime and other changes
  • Title I: Subject matter, scope and definitions
  • Title II: Transparency for trading venues
  • Chapter 1: Transparency for equity instruments
  • Chapter 2: Transparency for non-equity instruments
  • Chapter 3: Obligation to offer trade data on a separate and reasonable commercial basis
  • More...

Introduction to the MiFIR level 1 roadmap

The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the new Markets in Financial Instruments Regulation (Regulation (EU) 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 amend and expand the regulatory framework that was established by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I). As amended, the majority of the new Directive and Regulation came into effect on 3 January 2018. EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law, while MiFIR has direct effect in Member States.

This document provides an article-by-article roadmap of MiFIR, with the following information for each article:

  1. article heading and number

  2. corresponding provisions of MiFID I and the MiFID I Implementing Regulation (Commission Regulation (EC) 1287/2006)

  3. whether the MIFIR provision is new, amended, or unchanged from MiFID I

  4. amendments that have been made to the level 1 text of MiFIR

For more information on MiFIR, see Practice Notes: MiFID I, MiFID II and MiFIR—essentials and MiFID II and MiFIR—one minute guide.

Amendments to MiFIR

Transfer of powers to ESMA

On 20 September 2017, the Commission proposed an amending regulation (COM(2017) 536 final) and directive (COM(2017) 537 final) that would amend MiFIR and

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