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Key definition
Markets in Financial Instruments Directive definition

What does Markets in Financial Instruments Directive mean? In practice, the Markets in financial instruments Directive (MiFID) describes the regulatory framework governing investment services, client categorisation and trading venues. It is a legislative term: the original Directive 2004/39/EC (MiFID I) applied from 1 November 2007 and was replaced from 3 January 2018 by Directive 2014/65/EU (MiFID II), alongside the directly applicable Markets in Financial Instruments Regulation (MiFIR) (EU No 600/2014). Key features include client classification (retail, professional and eligible counterparty), conduct of business obligations (suitability/appropriateness, best execution, client disclosures), product governance, transaction reporting, and market structure rules for regulated markets, MTFs and OTFs, including systematic internalisers. Occupational...

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Key 2018 corporate law and regulatory developments: UK horizon scan and monthly timeline (archived)

Practice notes
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ARCHIVED:

This archived Practice Note outlined significant legal developments anticipated to affect corporate lawyers in 2018, and has not been updated since that year. To follow legal and regulatory changes on particular themes, refer to our Trackers:

  • Markets in Financial Instruments Directive (MiFID II) and Markets in Financial instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]
  • EU Prospectus Regulation tracker (2001–2020)
  • Transparency Directive tracker [Archived]
  • Listing Rules tracker
  • Disclosure Guidance and Transparency Rules Sourcebook tracker
  • Prospectus Rules tracker
  • The Small Business, Enterprise and Employment Act—company law reforms [Archived]

Our Market Standards deal analysis tool, featuring over 3,000 public company deal summaries, is available here. We also provide in-depth coverage of current corporate practice trends through our principal trend reports, alongside mini-trend pieces and News Analysis. For recent illustrations, see our Trend Reports subtopic.

Key developments during 2018 included:

  • Brexit-related developments—Brexit collection and Brexit timeline
  • Revised Markets in Financial Instruments Directive 2014/65/EU (MiFID II)—the Directive’s application was postponed by one year to 3 January 2018
  • Shareholder Rights Directive 2007/36/EC—amending Directive 2017/828 approved by the European Parliament...
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Web page updated on 21/05/2026

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