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

The following Financial Services practice 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
  • Consultation paper (March 2015)
  • Response to consultation (February 2017)
  • Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017
  • Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017
  • Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
  • Data Reporting Services Regulations 2017
  • Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017
  • 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.

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

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