The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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 on the impact of Brexit on the MiFID II regime, see Practice Note: The impact of Brexit on the MiFID II regime.
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
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