UK implementation of MiFID II and MiFIR
UK implementation of MiFID II and MiFIR

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

  • UK implementation of MiFID II and MiFIR
  • UK implementation of MiFID II and MiFIR
  • HM Treasury implementation of MiFID II and MiFIR
  • FCA implementation of MiFID II and MiFIR
  • PRA implementation of MiFID II
  • FOS implementation of MiFID II
  • Algorithmic trading in FICC markets statement of good practice
  • Post-implementation

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on the MiFID II regime, see Practice Note: The impact of Brexit on the MiFID II regime.

UK implementation of MiFID II and MiFIR

The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and new Markets in Financial Instruments (Regulation (EU) 600/2014) (MiFIR) were published in the Official Journal of the European Union (EU) on 12 June 2014 and came into effect on 3 January 2018. MiFID II and MiFIR significantly amend and expand the regulatory framework that was established by the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).

EU Member States were required to transpose the provisions of MiFID II into national law by 3 July 2017, while MiFIR has direct effect in Member States without transposition. MiFID II and MiFIR have been implemented in the UK through amendments to legislation drafted by HM Treasury, as well as Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rules and guidance. The Financial Ombudsman Service (FOS) has also amended its standard terms and scheme rules affecting businesses subject to its voluntary jurisdiction. This Practice Note tracks the status of the implementation of MiFID