MiFIR meaning

ARCHIVED : This Practice Note is archived and is no longer maintained. The LEI is a 20-character, alphanumeric identifier created by the International Organisation for Standardisation (ISO). Under Article 5 of Commission Delegated Regulation (EU) 2017/590, a Level 2 instrument under MiFID II, from 3 January 2018 firms carrying out transactions must hold a valid LEI at all times and ensure their LEI is used to identify them in transaction reports. For detail on this obligation, refer to Practice Note: EU MIFID II & MIFIR—Transaction Reporting. The Global LEI System High Level Principles and the FSB’s recommendations were issued in 2012 and received G20 endorsement...

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...

In this issue Security Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Claims and remedies Daily and weekly news alerts Updated Practice Notes Useful information Security HM Land Registry has revised Practice Guide 29—Registration of legal charges and deeds of variation of charge. An update to section 4 now explains how to remove a note recorded in the charges register pursuant to section 859H of the Companies Act 2006. See: LNB News 06/05/2025 2. Source: Registration of legal charges and deeds of variation of charge (PG29). Sustainable finance The European Commission has opened a call for evidence to review the Sustainable Finance Disclosures Regulation (EU) 2019/2088 (EU SFDR). The initiative targets unnecessary burdens by simplifying and streamlining obligations, including easing environmental, social and governance reporting for financial market participants so they can focus on information most relevant to investors. Responses are requested by 30 May 2025, and the feedback will guide...

In this issue: Sustainable finance and ESG round-up Trade and commodity finance Sustainable finance Debt capital markets Regulation for derivatives lawyers Regulation for banking lawyers Cryptoassets Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up For a summary of this week’s Sustainable finance and ESG developments, see: Sustainable finance and ESG weekly round–up—5 September 2024. Trade and commodity finance ICC issues report on the advantages of trade digitalisation The International Chamber of Commerce (ICC) Digital Standards Initiative has released a report that, through 22 case studies, demonstrates how supply chain participants use digital tools and interoperable global standards to resolve supply chain challenges and pain points. The case studies concentrate on shipping and logistics, commercial documentation and product information, cross‑border regulatory compliance, and financial services and fraud prevention as priority areas for digitalisation. The report indicates that by digitising trade workflows, businesses can cut...

In this issue: Lending Security Debt capital markets Derivatives Cryptoassets Daily and weekly news alerts New and updated content Useful information Lending Nova Leipzig Sarl v Gravity Fitness Ltd [2025] EWHC 1262 (Comm) An application to the Commercial Court sought a stay on the basis of forum non conveniens. The court held that Gravity Fitness Limited, an English company, had not satisfied its burden on the ‘More Appropriate Forum’ question. The defendant’s reliance on the potential application of German law was insufficient to establish that Germany was a more suitable forum than England, whether viewed from the parties’ interests or the broader interests of justice. Security Brooke Homes (Bicester) Ltd v Portfolio Property Partners Ltd (in administration) [2025] EWHC 1305 (Ch) This dispute examines equitable rights and duties between secured creditors after development land was sold by the first-ranking mortgagee, Desiman. The second-ranking creditor, Brooke Homes, sought an equitable account and pressed...

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....