This document has been archived and will no longer be updated. For information on MiFID II, see Practice Note: EU MiFID II and MiFIR—essentials and the EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. Introduction to the MiFID II level 1 roadmap The recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) and Markets in Financial Instruments Regulation (600/2014) (MiFIR) were published in the Official Journal of the European Union (EU) on 12 June 2014 and entered into force on 2 July 2014. MiFID II and MiFIR significantly amended and expanded the regulatory framework that was established by the Markets in Financial Instruments Directive (2004/39/EC) (MiFID I). As amended, the majority of the new Directive and Regulation came into effect on 3 January 2018, and EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law. This database provides an article-by-article roadmap of MiFID II, with the following information for each article: • article heading and number

Introduction to the MiFID II level 2 and level 3 roadmap The recast Markets in Financial Instruments Directive (Directive 2014/65/EU (MiFID II) and Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) were published in the Official Journal of the EU on 12 June 2014 and entered into force on 2 July 2014. MiFID II and MiFIR significantly amended and expanded the regulatory framework that was established by the Markets in Financial Instruments Directive 2004/39/EC (MiFID I). As amended, the majority of the Directive and Regulation came into effect on 3 January 2018, and EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law. On 8 March 2024, Regulation (EU) 2024/791 amending MiFIR and Directive (EU) 2024/790 amending MiFID II were published in the Official Journal of the EU following the MiFID II/MiFIR review. Regulation (EU) 2024/791 entered into force on 28 March 2024. Member States are required to transpose the provisions of Directive (EU) 2024/790 into national law by 29 September 2025. This database provides an

This Practice Note provides an overview of the way that firms should organise themselves as set out in Article 16 of the Markets in Financial Instruments Directive (Directive 2014/65/EU) and the relevant level 2 measures including the Commission Delegated Regulation (EU) 2017/565 (the MiFID II Delegated Regulation) and the Commission Delegated Directive (EU) 2017/593 (the MiFID II Delegated Directive). Background to MiFID II and organisational requirements 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) entered into force on 2 July 2014, and the majority of the provisions of MiFID II and MiFIR (together, the MiFID II framework) became applicable on 3 January 2018. The MiFID II framework made a number of changes to the requirements in the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) concerning the way that firms should organise themselves. In particular, MiFID II increased the scope and detail of the compliance, risk and audit functions that a firm’s internal policies and procedures needed to cover. This

This Practice Note provides an overview of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) product governance requirements that firms have to comply with for the design, approval, marketing and ongoing management of products throughout their lifecycle. It also covers the relevant delegated acts adopted by the European Commission, (in particular, Articles 9 and 10 of Directive (EU) 2017/593 (the MiFID II Delegated Directive)), and guidelines introduced by the European Securities and Markets Authority (ESMA). Background to MiFID II and product governance 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) (together the MiFID II framework) entered into force on 2 July 2014. The majority of the MiFID II framework provisions took effect on 3 January 2018. MiFID II lays down a number of product governance requirements so that firms manufacture and distribute products in a way to ensure that firms act in their clients’ best interests during all stages of the life-cycle of products or services. For more

This Practice Note summarises the provisions of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the EU Market Abuse Regulation (Regulation (EU) 596/2014) related to the suspension and removal of financial instruments from trading by competent authorities and trading venue operators. Background to MiFID II and the suspension and removal of financial instruments from trading The original Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) empowered competent authorities and regulated markets (RMs) to suspend and remove financial instruments from trading. MiFID II extended this power to multilateral trading facilities (MTFs) and organised trading facilities (OTFs). MiFID II also requires the suspension or removal of related derivatives, and it requires other trading venues and systematic internalisers (SIs) in the same jurisdiction to suspend or remove the same financial instrument or derivatives from trading in certain circumstances. For information about our materials relating to MiFID II more generally, see Practice Notes: • Investment firms, trading venues, and data reporting services providers (EU Law)—overview • EU MiFID II

This Practice Note sets out what position limits are under Article 57 of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and how these apply to commodity derivatives or derivatives with an underlying commodity, pursuant to Commission Delegated Regulation (EU) 2022/1302 of 20 April 2022 (RTS 21a). It also covers the amendments that were made to the regime by Directive 2021/338 (including with regards to widening the available exemptions to position limits under Article 57) and the amendments made by Directive (EU) 2024/790 (the MiFID II Review) to the requirements for position management controls—see Position management controls. The MiFID II Review, together with Regulation (EU) 2024/791 amending Regulation (EU) 600/2014 (the MiFIR Review) was published in the Official Journal of the EU on 8 March 2024. Member States were required to transpose the provisions of Directive (EU) 2024/790 into national law by 29 September 2025. For information about position reporting under MiFID II, see Practice Note: Position reporting under EU MiFID II. For information about the UK’s regime, see Practice Note:

This Practice Note details the requirements introduced by the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) for investment firms and trading venues with regard to algorithmic and high frequency trading (HFT), market making, direct electronic access (DEA) and tick sizes. It includes a summary of the level 1 legislation, as well as relevant level 2 rules and level 3 guidance. It also highlights changes made by Directive (EU) 2024/790 (the MiFID II Review) and Regulation (EU) 2024/791 (the MiFIR Review). Among other things, MiFID II requires firms and trading venues to establish effective systems and risk controls and ensure that trading systems are resilient and have sufficient capacity. Overview of MiFID II and microstructural issues MiFID II and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) were published in the Official Journal of the European Union on 12 June 2014 and entered into force on 2 July 2014. The majority of their provisions came into effect on 3 January 2018. The European Securities and Markets Authority (ESMA) was mandated to develop more detailed

This document has been archived and will no longer be maintained. For information on EU EMIR, see Practice Note: EU MiFID II and MiFIR—essentials and the EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. Introduction to the MiFIR level 1 roadmap 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) were published in the Official Journal of the European Union (EU) on 12 June 2014 and entered into force on 2 July 2014. MiFID II and MiFIR significantly amended and expanded the regulatory framework that was established by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I). As amended, the majority of the new Directive and Regulation came into effect on 3 January 2018. EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law, while MiFIR has direct effect in Member States. This document provides an article-by-article roadmap of MiFIR, with the following information for

Introduction to the MiFIR level 2 and level 3 roadmap The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) were published in the Official Journal of the European Union (EU) on 12 June 2014 and entered into force on 2 July 2014. MiFID II and MiFIR significantly amended and expanded the regulatory framework that was established by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I). As amended, the majority of the Directive and Regulation came into effect on 3 January 2018. EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law, while MiFIR has direct effect in Member States. On 8 March 2024, Regulation (EU) 2024/791 amending MiFIR and Directive (EU) 2024/790 amending MiFID II were published in the Official Journal of the EU following the MiFID II/MiFIR review. Regulation (EU) 2024/791 entered into force on 28 March 2024. However, several provisions in Regulation (EU) 2024/791 need to be supplemented by Commission

This Practice Note explains the trading obligation for derivatives under the Markets in Financial Instruments Regulation (EU) 600/2014 (EU MiFIR) (which, together with the recast Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II), took effect on 3 January 2018) and covers: (1) the regulatory context of the trading obligation, (2) the counterparties to which the trading obligation applies (certain financial counterparties and certain non-financial counterparties), (3) the requirement that a derivative contract which is declared to be subject to the trading obligation must already be subject to the clearing obligation under the European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR), (4) which derivatives are subject to the trading obligation, (5) the treatment of package orders or transactions, (6) the exemption for post-trade risk reduction services, (7) the regulated trading venues on which derivatives must be traded (regulated markets, multi-lateral trading facilities (MTFs), organised trading facilities (OTFs) and equivalent third country trading venues), (8) the reforms to the trading obligation for derivatives made by Regulation (EU) 2024/791 (the MiFIR Review). For general information on

Key information EU MAC Directive Title Directive 2006/40/EC of the European Parliament and of the Council of 17 May 2006 relating to emissions from air-conditioning systems in motor vehicles and amending Council Directive 70/156/EEC Entry into Force 4 July 2006 Transposition Deadline 4 January 2008 National transposition See Eur-Lex list of national transposition measures, as provided by Member States Subject Greenhouse gases; fluorinated gases (F-gases); transport; motor vehicles; transport emissions What are fluorinated gases (F-gases)? Fluorinated gases (F-gases) are a family of human-made gases used in a range of everyday products as well as industrial applications. They include: • hydrofluorocarbons (HFCs)—typically used as refrigerants in refrigeration, air-conditioning and heat pump equipment (including vehicle air conditioning systems), as blowing agents for foams, as solvents and in fire extinguishers and aerosols • perfluorocarbons (PFCs)—used in the electronics sector (for example for plasma cleaning of silicon wafers), as well as in the cosmetic and pharmaceutical industry. In the past, PFCs were also used in fire extinguishers and fire protection systems, and • sulphur

The Mortgage Credit Directive (Directive 2014/17/EU) (MCD) establishes a common framework for EU Member States in relation to mortgage credit for consumers secured by, or otherwise relating to, residential immovable property. This Practice Note summarises the background, purpose and scope of the MCD and outlines its key provisions. Adoption and implementation of the Mortgage Credit Directive The MCD was published in the Official Journal of the EU on 28 February 2014 and entered into force on 20 March 2014 (the twentieth day following publication). The MCD had to be implemented by Member States within two years (by 21 March 2016). The MCD seeks to: • prevent the repetition of irresponsible lending and borrowing practices • create a more efficient and competitive single market for mortgages • foster consumer confidence and customer mobility, and • establish a level playing field and promote cross-border activity Level of harmonisation of the Mortgage Credit Directive The MCD is, in general, a minimum harmonisation Directive. This means that the MCD sets minimum standards for Member States and that Member