Introduction to MIFID II and MiFIR Level 1 Glossary This glossary sets out, in alphabetical order, all the terms defined in the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as amended, with definitions and references to where those terms are defined in MiFID II and MiFIR. This glossary includes definitions amended by Regulation (EU) 2024/791 (the MiFIR Review) or Directive (EU) 2024/790 (the MiFID II Review). For more information on MiFID II, see Practice Notes: EU MiFID II and MiFIR—essentials and EU MiFID II and MiFIR—one minute guide. A Term Definition Source reference Actionable indication of interest a message from one member or participant to another within a trading system in relation to available trading interest that contains all necessary information to agree on a trade. MiFIR Article 2(1)(33) Agricultural commodity derivatives derivative contracts relating to products listed in Article 1 of, and Annex I, Parts I to XX and XXIV/1, to Regulation (EU) 1308/2013, as

This one minute guide summarises the key provisions of the Fourth Anti-Money Laundering Directive (EU) 2015/849 (MLD4), as amended by the Fifth Money Laundering Directive (EU) 2018/843 (MLD5). The European and UK anti-money laundering (AML) and counter terrorist financing (CTF) regimes under MLD4, as amended are undergoing reform. These changes can be tracked in AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. For relevant practical guidance see: Financial crime and sanctions (EU Law)—overview. For UK developments, see AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services and Anti-money laundering and counter-terrorist financing (AML/CTF)—overview. Background to MLD4 The Fourth Money Laundering Directive (EU) 2015/849 (MLD4) was adopted by the European Parliament on 20 May 2015, becoming effective on 25 June 2015, providing the basis of the European Union’s AML/CTF laws. It replaced the Third Anti-Money Laundering Directive (2005/60/EC) (MLD3) and the related implementing Directive (2006/70/EC). The MLD4 package was introduced with the following legislation: • the Fourth Money Laundering Directive (EU) 2015/849 (MLD4) on the prevention of the use of the financial

Adoption of MLD5 The Fifth Money Laundering Directive (EU) 2018/843 (MLD5), which amends the Fourth Money Laundering Directive (EU) 2015/849 (MLD4), was published in the Official Journal of the EU on 19 June 2018 and entered into force on 9 July 2018. Member States were required to transpose MLD5 into national law by 10 January 2020. This Practice Note outlines the key provisions of the MLD5. MLD4, as amended by MLD5, was implemented in the UK by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs); see Practice Note: The Money Laundering Regulations 2017 (MLRs)—essentials for financial services. The European and UK anti-money laundering (AML) and counter terrorist financing (CTF) regimes under MLD4, as amended has undergone reform. These changes can be tracked in AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. For relevant practical guidance see: Financial crime and sanctions (EU Law)—overview For UK developments, see AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services and

The European Securities and Markets Authority (ESMA) has published its latest guidelines on stress test scenarios under the Money Market Funds Regulation (Regulation (EU) 2017/1131) (EU MMF Regulation), Article 28, alongside official translations. The guidelines establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by MMFs or managers of MMFs.

This Practice Note explores key elements of the Money Market Funds (MMFs) Regulation (Regulation (EU) 2017/1131) (EU MMF Regulation) which is designed to improve investor protection and minimise the risk that MMFs could pose to the stability of financial markets. What is an MMF? MMFs are investment funds that invest in short-term debt instruments and thereby play a key role in the short-term financing of the economy.  In particular, MMFs are open-ended, liquid investment funds that invest in fixed income in the form of short-term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore represent an important link between demand for and offer of short-term debt. Further information on the eligible assets of an MMF is set out in Investment policies of MMFs below. MMF investors, including corporate treasury departments, may invest in MMFs if they need to hold large amounts of cash on a short-term basis, and an investment in an MMF may therefore be an alternative to a bank

Council Regulation (EC) No 4/2009 of 18 December 2008 on jurisdiction, law'>applicable law, recognition and enforcement of decisions and co-operation in matters relating to maintenance obligations (the EU Maintenance Regulation), including as applied in relation to Denmark by virtue of the Agreement made on 19 October 2005 between the European Community and the Kingdom of Denmark. The aims of the EU Maintenance Regulation are to remove the danger of parallel proceedings between Member States, and to ensure that maintenance claimants can obtain an order in one state that would be directly enforceable in another Member State, without the need for additional formalities. The EU Maintenance Regulation ceased to apply in the UK with effect from Implementation period (IP) completion day, save where transitional and saving provisions apply.

Key information Marine Strategy Framework Directive Title Directive 2008/56/EC of the European Parliament and of the Council of 17 June 2008 establishing a framework for community action in the field of marine environmental policy (Marine Strategy Framework Directive (MSFD)) Entry into force 15 July 2008 Transposition deadline 15 July 2010 National transposition measures See Eur-Lex information on national transposition measures, as provided by Member States Amendments Directive (EU) 2017/845 of 17 May 2017 amending Directive 2008/56/EC of the European Parliament and of the Council as regards the indicative lists of elements to be taken into account for the preparation of marine strategies Subject Marine ecosystems; marine biodiversity; marine restoration; marine strategy Purpose and objectives The Marine Strategy Framework Directive 2008/56/EC (the MSFD) establishes a framework within which Member States must take necessary measures to achieve or maintain ‘good environmental status’ (GES) in the marine environment. These measures must be developed and implemented via national marine strategies and must aim to: • protect and preserve marine ecosystems and biodiversity

means Regulation (EU) 596/2014 on market abuse, being the version of the Market Abuse Regulation that applied in the UK before the end of the Brexit implementation period.

EU Market Abuse Regulation—background The Market Abuse Regulation (EU) 596/2014 (the EU Market Abuse Regulation or EU MAR) came into force on 3 July 2016. It introduced a strengthened EU market abuse regime, incorporating a wider range of, and tougher, sanctions. EU MAR was complemented by the Directive on Criminal Sanctions for Market Abuse Directive 2014/57/EU (EU CSMAD). For an overview of EU CSMAD, see Practice Note: Directive 2014/57/EU on criminal sanctions for market abuse. The majority of the EU MAR's provisions came into effect on 3 July 2016. Provisions that relied on the implementation of the MiFID II legislative package (Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (EU MiFIR)) relating to organised trading facilities (OTFs), small and medium-sized enterprises (SMEs), growth markets, emission allowances or auctioned products based on emission allowances, applied from the MiFID II and EU MiFIR implementation date of 3 January 2018. Regulation (EU) 2019/2115 (EU SME Growth Markets Regulation) introduced further amendments to EU MAR with effect from 1

What is the objective of the EU Market Abuse Regulation? The Market Abuse Regulation (EU) 596/2014 (EU Market Abuse Regulation (EU MAR)) introduced an updated and strengthened EU market abuse regime, incorporating a wider range of, and tougher, sanctions. Regulation (EU) 2024/2809 (the EU Listing Act) introduced amendments to EU MAR. The amendments relevant to this Practice Note are reflected in the subject-specific sections below, together with the related level 2 measures in Commission Delegated Regulations (EU) 2026/788 and (EU) 2026/789. What instruments does the EU Market Abuse Regulation apply to? EU MAR applies to: • financial instruments admitted to trading on an EU-regulated market or for which a request for admission to trading on a regulated market has been made • financial instruments traded on an EU multilateral trading facility (MTF), admitted to trading on an EU MTF, or for which a request for admission to trading on an EU MTF has been made • financial instruments trading on an EU organised trading facility (OTF), and • financial instruments not covered

Market Abuse Regulation level 2 and 3 measures This Practice Note lists the delegated acts, implementing decisions and guidelines adopted under the Market Abuse Regulation (EU) 596/2014 (EU Market Abuse Regulation). Date Title of document Content 16 July 2026 Commission Delegated Regulation (EU) 2026/789 This Delegated Regulation supplements Article 17(12) of the EU Market Abuse Regulation. Annex I sets out a non-exhaustive list of final events or final circumstances in common protracted processes and the corresponding moment at which disclosure is expected. Annex II lists situations in which delayed inside information contrasts with the latest public announcement or other communication on the same matter, and Annex III identifies the types of communication to be considered. It entered into force on 19 July 2026 16 July 2026 Commission Delegated Regulation (EU) 2026/788 This Delegated Regulation amends Commission Delegated Regulation (EU) 2016/522. It extends the detailed closed-period permission rules to financial instruments other than shares, adds the list of designated trading venues with a significant cross-border dimension for the exchange of share

This timeline looks at the development of the EU market abuse regime under Regulation (EU) 596/2014 (EU Market Abuse Regulation) from 2024 onwards. For earlier developments, see Market Abuse Regulation—timeline. For general information on the information on the EU Market Abuse Regulation, see Practice Notes: EU Market Abuse Regulation (MAR)—essentials, EU Market Abuse Regulation (EU MAR)—one minute guide and EU Market Abuse Regulation—level 2 and level 3 measures. Date Source Document Description 7 September 2026 ESMA Opinion: Amendmnets to Commission Delegated Regulation 2016/1052 on buy-back programmes and stabilisation measures The European Securities and Markets Authority (ESMA) has published an Opinion supporting European Commission amendments to the regulatory technical standards (RTS) in Commission Delegated Regulation (EU) 2016/1052 on buy-back programmes and stabilisation measures under the EU MAR. The Opinion follows the Commission's proposal to amend draft RTS previously submitted by ESMA in February 2026.See: ESMA supports amendments to MAR RTS on buy-back programmes and stabilisation measures. 16 July 2026 European Commission Commission Delegated Regulation (EU) 2026/788 of 8 April 2026 amending Delegated Regulation (EU) 2016/522