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

The following Financial Services practice 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?
  • 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
  • Microstructural issues for regulated markets under MiFID II
  • 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.

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

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