Regulated Markets under MiFID II and MiFIR
Regulated Markets under MiFID II and MiFIR

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

  • Regulated Markets under MiFID II and MiFIR
  • Regulated markets—introduction
  • UK implementation of the MiFID II regulated markets regime
  • What is a regulated market?
  • Registers of regulated markets
  • Authorisation of regulated markets under MiFID II
  • Management of regulated markets under MiFID II
  • Persons exercising significant influence over the management of a regulated market under MiFID II
  • Organisational requirements for regulated markets under MiFID II
  • Ban on proprietary trading by market operators under MiFID II
  • 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.

This Practice Note considers the regulatory framework for regulated markets under the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018. It examines how the MiFID II regime has been implemented in the UK, and summarises the principal changes from the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) and the MiFID I implementing regulation (Commission Regulation (EC) 1287/2006). For more information about other types of trading venues under MiFID II and MiFIR (multilateral trading facilities (MTFs) and organised trading facilities (OTFs)) as well as systematic internalisers (SIs), see the Practice Notes: Multilateral Trading Facilities (MTFs), Organised Trading Facilities (OTFs) and Systematic internalisers.

Regulated markets—introduction

The regulated market concept was introduced by the Investment Services Directive (Council Directive 93/22/EEC), which set out a limited regime for regulated markets. MiFID I built on this