Markets in Financial Instruments Directive meaning

This timeline outlines key milestones concerning the UK measures that gave effect to recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (collectively, the UK’s MiFID II regime). For earlier events, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For principal updates relating to the EU’s MiFID II regime, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2026 Date Source Document Description 28 January 2026 FCA Next steps for setting up a bond consolidated tape provider ETS: Knowledge Centre Timeline The Financial Conduct Authority (FCA) confirmed it has entered into a contract with Etrading Software (ETS) to provide the UK bond consolidated tape. The High Court removed a suspension on the contract award in December 2025, enabling the FCA to progress delivery of the tape while still actively contesting a legal challenge. The FCA states it will keep supporting ETS and market participants...

Financial services developments ESMA consults on CCP collateral and investment policy standards following EMIR 3 review The European Securities and Markets Authority (ESMA) has initiated a public consultation on draft regulatory technical standards (RTS) to amend Commission Delegated Regulation 153/2013, following the European Market Infrastructure Regulation (EMIR 3) review. The call for input invites feedback on: conditions for central counterparties (CCPs) to accept public guarantees, public bank guarantees and commercial bank guarantees as collateral; criteria under which debt instruments qualify as eligible financial instruments within CCP investment policy; highly secured arrangements for emission allowances lodged as margins or default fund contributions. EMIR 3 makes permanent a broader range of guarantees eligible as collateral and extends scope to clients of CCPs that are non-financial counterparties. The consultation closes on 30 April 2026, with ESMA submitting final draft RTS to European Commission by end-2026...

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In this issue: EU fundamentals Commercial Competition and state aid Corporate Free movement, immigration and employment Financial services Energy Environment Life sciences Regulatory TMT Daily and weekly news alerts New and updated content Trackers EU fundamentals European Commission releases October 2025 infringement package The European Commission has unveiled its October 2025 infringement package, identifying the EU Member States facing proceedings for breaches of obligations arising under EU law. The dossier covers letters of formal notice, reasoned opinions, and referrals to the Court of Justice addressed to Belgium, Malta, Estonia, Austria, Poland, Portugal, the Netherlands and a number of additional countries. Actions relate to multiple instruments and rules, notably Directive 1999/31/EC (Landfill Directive), Directive (EU) 2020/2184 (Drinking Water Directive), and Directive 2011/92/EU (Environmental Impact Assessment (EIA) Directive), among related matters. See: LNB News 08/10/2025 39. ...

This Practice Note sets out the applicable product governance obligations under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) that firms must observe and comply with when designing, approving, marketing and overseeing the ongoing management of products throughout their entire lifecycle. It also summarises the relevant delegated acts adopted by the European Commission—particularly Articles 9 and 10 of Directive (EU) 2017/593 (the MiFID II Delegated Directive)—as well as the guidelines issued 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), together with the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (collectively, the MiFID II framework), entered into force on 2 July 2014. The bulk of the framework’s provisions largely applied from 3 January 2018. MiFID II establishes a suite of product governance requirements so that firms manufacture and distribute products in a manner that ensures they act in clients’ best interests across every stage of the lifecycle...

This Practice Note examines the rules governing systematic internalisers (SIs) within the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), as updated by Directive (EU) 2024/790 (the MiFID II Review), and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as revised by Regulation (EU) 2024/791 (the MiFIR Review), collectively referred to as the MiFID II framework. For further detail on trading venues under the MiFID II framework—regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs)—see Practice Note: MiFID II: EU trading venues. What are systematic internalisers and why are they regulated? Funds, insurers and other major investors typically choose between two routes when trading securities. They may transact on a trading venue where many participants interact, or deal directly with an investment firm that settles by dealing on its own account. In the latter scenario, the securities traded are drawn from, or placed into, the firm’s proprietary holdings; put differently, the firm executes the trade ‘internally’...

Introduction to the FCA’s requirements on information about firms, adviser charging and consultancy charging This Practice Note outlines, in summary, the regulatory regime and guidance that dictates what information a firm must give to clients about its services and remuneration arrangements, and about adviser and consultancy charging when it undertakes designated investment business in this context. The Financial Conduct Authority (FCA) has set rules requiring a firm to disclose clearly to clients details about the firm and the services it offers. Many of these obligations originally arose from implementing provisions within the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). The rules sit largely in the General Provisions Manual (GEN) and the Conduct of Business Sourcebook (COBS). MiFID was subsequently replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the EU Markets in Financial Instruments Regulation (Regulation (EU) 600/2014, OJ L 173, 12.6.2014) (MiFIR) (together, the EU MiFID II framework). Both MiFID II and EU MiFIR formally entered into force on 2 July 2014....