UK 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ARCHIVED : This Practice Note is archived and is no longer maintained.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: UK, EU and international regulators and bodies Authorisation, approval and supervision Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management UK MiFID II EU MiFID II Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&As No Weekly Highlights on 24 April 2025 UK, EU and international regulators and bodies FCA announces first international presence in US and Asia-Pacific regions The Financial Conduct Authority (FCA) has unveiled its...

ARCHIVED: This Practice Note has been archived and is no longer being maintained. Through the transition period, core EU rules effectively continued to apply for derivatives practitioners (see Practice Note: Brexit—impact on finance transactions [Archived]); from IP completion day, however, the landscape alters markedly. This note offers a high-level overview of IP completion day’s practical implications for derivatives lawyers and signposts fuller guidance. MARKET ACCESS FOR SWAP COUNTERPARTIES Key EU and UK legislation and Brexit SIs Directive 2014/65/EU (EU MiFID II) and Retained Directive 2014/65/EU (UK MiFID II) Regulation (EU) No 600/2014 (EU MiFIR) and Retained Regulation (EU) No 600/2014 (UK MiFIR) Directive 2013/36/EU (EU CRD IV) and Retained Directive 2013/36/EU (UK CRD IV) The EEA Passport Rights (Amendment, etc., and Transitional Provisions (EU Exit) Regulations 2018, SI 2018/1149 The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, SI 2019/405 Key changes in practice from IP completion day UK banks and investment...

The Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) MiFIR established a transaction reporting framework so competent authorities can spot and probe suspected market abuse, and oversee the proper, orderly operation of markets and the business of investment firms, thereby strengthening supervision and investigatory capabilities in particular. Because MiFIR and the relevant regulatory technical standards on transaction reporting — Commission Delegated Regulation (EU) 2017/590 (RTS 22) — had direct applicability in the UK while it remained an EU member, and applied in full, they generally did not need to be transposed into domestic legislation or rulebooks to take effect in practice. At 11 pm (GMT) on 31 December 2020 (IP completion day), the Brexit transition/implementation period concluded following the UK’s exit from the EU. From IP completion day, core transitional measures ceased and major changes started to apply across the UK legal framework as a whole. Article 26 of Assimilated Regulation (EU) No 600/2014 (UK MiFIR) and Assimilated Regulation (EU) 2017/590 (UK RTS 22) were brought...

What is clearing of derivatives? Clearing is the mechanism that removes the usual danger, in practice, that one side to a derivatives deal will fail to perform (counterparty risk). The main participants involved in the clearing process are: a financial institution called a clearing house, and other financial institutions, typically banks or brokers, that enter into a clearing agreement with the clearing house—these institutions are indeed known as clearing members of the clearing house, or simply clearing firms within this framework In cleared transactions: the following applies: every trade is undertaken by clearing members, who may do so for their own accounts or for the accounts of their clients, and the clearing house inserts itself between the clearing members that entered into the trade, becoming a party to each transaction—each participant is therefore exposed to the risk of the clearing house, not to the risk of the other party Clearing members do not need...