Markets in Financial Instruments Directive II - Financial Conduct Authority

Markets in Financial Instruments Directive II

These pages have been created by the FCA to help keep market participants, firms and consumers informed of developments relating to MiFID II.

What is MiFID and why is it changing?

The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for:

  • investment intermediaries providing services to clients in relation to shares, bonds, units in collective investment schemes and derivatives (collectively ‘financial instruments’) and
  • the organised trading of financial instruments

MiFID was applied in the UK from 1 November 2007. But it is now being comprehensively revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. We expect the changes to take effect from 3 January 2017. It will be known as MiFID II.

MiFID latest news

What will firms need to do?

Firms will need to start planning for the changes ahead of the finalisation of the EU implementing legislation and the subsequent changes we make to our Handbook and the Treasury makes to financial services legislation. MiFID II is a wide-ranging piece of legislation and, depending on business model, could affect a wide range of a firm’s functions – from client services to IT and HR systems.

The European Council has now published the following versions of the MiFID II and MIFIR texts in the official journal.

MiFID II text

MiFIR text

MiFID latest news

Published: 10/03/2015     Last Modified: 04/11/2015

MiFID has been in force for over six years and is the cornerstone of the European Union’s regulation of financial markets. Find the latest news on MiFID II.

MiFID II – what is changing?

Last Modified: 12/09/2014

We summarise the significant changes proposed to the Markets in Financial Instruments Directive.

Market Data Reporting

Published: 09/03/2015     Last Modified: 04/11/2015

Information on the market data reporting proposals, including our recent presentation which summarises the key points in MiFID II.

MiFID II – the legislative process

Last Modified: 12/09/2014

MiFID II comprises two levels of European legislation.

MiFID II – EU implementing measures

Published: 28/09/2015     Last Modified: 04/11/2015

ESMA provided advice on the delegated acts to the European Commission at the end of 2014, delivered draft technical standards on 28 September 2015, and will deliver the drafts of the remaining technical standards by early 2016. The Commission has to endorse the technical standards and adopt the delegated acts, and they will then be subject to scrutiny by the European Parliament and Council before they enter into force.

Email updates

Register for MiFID ll email updates from the FCA.

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Transparency Calculations

These updated transparency calculations are effective from 1 April 2014 to 31 March 2015.

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Trading Venue Codes

ESMA has published a consolidated list of identification codes of all regulated markets and MTFs.

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