MiFIR level 2 and level 3 roadmap
MiFIR level 2 and level 3 roadmap

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

  • MiFIR level 2 and level 3 roadmap
  • Introduction to the MiFIR level 2 and level 3 roadmap
  • Proposed 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
  • 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 2 and level 3 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. level 2 measures (including regulatory technical standards (RTS), implementing technical standards (ITS), and delegated acts)

  3. level 3 measures (including guidelines and Q&As published by the European Securities and Markets Authority (ESMA) and/or the European Banking Authority (EBA))

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

For more information on MiFIR level 2 and level 3 measures, see Practice Notes: MiFID II and MiFIR level 2 measures and