The European Banking Authority (EBA) has published guidelines and regulatory technical standards (RTS) on governance, conflicts of interest and remuneration under the Markets in Crypto-Assets Regulation (MiCAR). They form part of the EBA’s ongoing efforts to foster a transparent, secure, and well-regulated cryptoasset market.

The European Securities and Markets Authority (ESMA) has published a new Q&A on the non-compliance of the shared order book model with the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA), clarifying that when such a model involves non-EU trading platforms it breaches the authorisation requirements under MiCA.

The Migrant and Refugee Children's Legal Unit (MiCLU) and other human rights organisations are advocating for the repeal of Section 59 of the Illegal Migration Act 2023 (the IMA) through an amendment to the Border Security, Asylum and Immigration Bill currently before Parliament. Section 59 extends inadmissibility rules to claims from Albania, India, and Georgia, and broadens powers to reject human rights claims from EEA nationals. MiCLU argues this violates UK obligations under the Refugee Convention, European Convention on Human Rights (ECHR) and Council of Europe Convention on Action against Trafficking in Human Beings (ECAT).

The Markets in Financial Instruments Directive (Directive 2004/39/EC) which was repealed and recast by MiFID II and MiFIR.

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending the insurance mediation directive (Directive 2002/92/EC) and the Alternative Investment Fund Managers directive (Directive 2011/61/EU). MiFID II and MiFIR together form the legal framework that regulates firms which provide services to clients linked to financial instruments and the venues where those instruments are traded.

This Practice Note provides an overview of the pre- and post-trade transparency regime for trading venues and investment firms that is set out in the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as amended by Regulation (EU) 2024/791 (the MiFIR Review). MiFIR came into effect on 3 January 2018 together with the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). The MiFIR Review was published in the Official Journal of the EU on 8 March 2024 together with Directive (EU) 2024/790 amending MiFID II. The MiFIR Review entered into force on 28 March 2024, though certain provisions will take effect on later dates—see Date of application of certain provisions of the MiFIR Review below. Member States were required to transpose the provisions of Directive (EU) 2024/790 into national law by 29 September 2025. For more information about MiFIR and MiFID II, see Practice Note: EU MiFID II and MiFIR—essentials. For more information about trading venues, see Practice Note: MiFID II—EU trading venues. Date of application of certain provisions of the MiFIR Review The

ARCHIVED: This document has been archived and will no longer be updated. Introduction to the MiFID II UK implementation 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 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 document provides an article-by-article roadmap of MiFID II, with information on UK implementation for each article, including proposed and final changes to legislation and rules made by HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). 11pm (GMT) on 31 December 2020 (IP completion

The European Securities and Markets Authority (ESMA) is consulting on proposed changes to the rules for position management controls and position reporting. The changes come in the context of the review of the Market in Financial Instruments Directive (MiFID II) and aim to minimise the burden on reporting entities. Responses are sought by 21 August 2024, with ESMA aiming to publish a final report towards the end of 2024.

The Council of the EU has adopted changes to the Markets in Financial Instruments Regulation (EU MiFIR) and the Markets in Financial Instruments Directive (MiFID II), together the MiFID II framework, which aim to give investors better access to market data, increase the global competitiveness of the EU’s capital markets, and ensure a level playing field. The aim is to make consolidated market data easily available at EU level, and phase out ‘payment for order flow’ (PFOF). The texts will now be published in the EU’s Official Journal and enter into force 20 days later.

The European Securities and Markets Authority (ESMA) has published its final report with proposals for amendments related to equity transparency under the Markets in Financial Instruments Directive (MiFID II). The proposals aim to contribute to a more informative pre-trade and post-trade transparency regime. The final report with draft regulatory technical standards (RTS) has been submitted to the European Commission for adoption.

The European Securities and Markets Authority (ESMA) has issued a public statement on reporting requirements under regulatory technical standards (RTS) 28, pending full application of the new rules under the recast Markets in Financial Instruments Directive (MiFID II). ESMA expects NCAs not to prioritise supervisory actions towards investment firms relating to the periodic RTS 28 reporting obligation, from 13 February 2024 until the forthcoming transposition into national legislation in all Member States of the MiFID II review amending Directive.

This Practice Note considers the regulatory framework for trading venues under the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), as amended by Directive (EU) 2024/790 (the MiFID II Review) and Directive (EU) 2024/2811 (the Listing Act), and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as amended by Regulation (EU) 2024/791 (the MiFIR Review), and covers (1) the definition of regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs), (2) key differences between RMs, MTFs and OTFs, (3) authorisation of RMs, MTFs and OTFs, (4) the European Securities and Markets Authority (ESMA’s) register of RMs, MTFs and OTFs, (5) methods of access to other EU markets for RMs, MTFs and OTFs, (6) specific requirements for RMs, (5) specific requirements for OTFs, (7) joint requirements for MTFs and OTFs, and (8) requirements for RMs, MTFs and OTFs. For information on UK trading venues, see Practice Note: Regulation of UK trading venues. Introduction to trading venues A ‘trading venue’ is defined in MiFID II as: • a regulated market (RM)