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

The following Financial Services practice 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
  • 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...

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.

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),

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