MiFIR UK implementation roadmap
MiFIR UK implementation roadmap

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

  • MiFIR UK implementation roadmap
  • Introduction to the MiFIR UK implementation 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
  • 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

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.

Introduction to the MiFIR UK implementation 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 information on UK implementation for each article, including proposed and final changes to legislation and rules made by HM Treasury, the Financial Conduct Authority (FCA) and