MiFIR level 1 roadmap
MiFIR level 1 roadmap

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

  • MiFIR level 1 roadmap
  • Introduction to the MiFIR level 1 roadmap
  • Amendments to MiFIR
  • Title I: Subject matter, scope and definitions
  • Title II: Transparency for trading venues
  • Title III: Transparency for systematic internalisers and investment firms trading OTC (and tick size regime for systematic internalisers)
  • Title IV: Transaction reporting
  • Title V: Derivatives
  • Title VI: Non-discriminatory clearing access for financial instruments
  • Title VII: Supervisory measures on product intervention and positions
  • 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)