Jurisdiction(s):
European Union

EU MiFIR Level 2 and Level 3 Measures: An Article-by-Article Roadmap with RTS/ITS, Delegated Acts, ESMA/EBA Guidance, and 2024 MiFIR Review Updates

Published by a LexisNexis EU Law expert

Practice notes

Introduction to the MiFIR level 2 and level 3 roadmap

The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) appeared in the Official Journal of the European Union on 12 June 2014 and took effect on 2 July 2014. MiFID II and MiFIR materially overhauled and broadened the regulatory framework first set by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I). As revised, most provisions of the Directive and the Regulation became applicable on 3 January 2018. EU Member States were given until 3 July 2017 to transpose MiFID II into their national legislation, whereas MiFIR applies directly in Member States. On 8 March 2024, Regulation (EU) 2024/791 amending MiFIR and Directive (EU) 2024/790 amending MiFID II were published in the Official Journal of the EU, following the MiFID II/MiFIR review. Regulation (EU) 2024/791 entered into force on 28 March 2024. Nevertheless, several provisions of Regulation (EU) 2024/791 must be complemented by Commission delegated regulations before they can operate in full and ensure the amendments are fully operational in practice within the regulatory framework consistently...

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Web page updated on 21/05/2026

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