Jurisdiction(s):
European Union

EU MiFID II/MiFIR Level 3 Measures: ESMA/EBA Guidelines, Opinions, Q&As, Supervisory Briefings and Reporting Instructions – Practitioner Overview and Roadmap

Published by a LexisNexis EU Law expert

Practice notes

Purpose of this Practice Note

This Practice Note summarises the level 3 measures released by the European Securities and Markets Association (ESMA), the European Banking Authority (EBA) and the European Commission in connection with the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), together forming the EU MiFID II framework.

Taking effect on 3 January 2018, MiFID II and MiFIR materially revised and extended the regime first set by the original Markets in Financial Instruments Directive (2004/39/EC) (MiFID).

For guidance on putting the MiFID II framework into practice, see Practice Notes: EU MiFID II and MiFIR—essentials and EU MiFID II and MiFIR—one minute guide. For an article-by-article guide to the EU MiFID II framework and how the level 3 measures apply, consult Practice Notes: EU MiFID II level 2 and level 3 roadmap and MiFIR level 2 and level 3 roadmap. ESMA’s Interactive Single Rulebook delivers a thorough overview and convenient access to all level 2 and level 3 measures adopted under MiFID II and MiFIR...

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Web page updated on 21/05/2026

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