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Key definition
MiFID definition

What does MiFID mean? In practice, “MiFID” describes the EU framework governing investment services and market structure for investment firms and trading venues. It was first established by the markets in financial instruments directive (Directive 2004/39/EC), which was repealed and replaced on 3 January 2018 by mifid ii (Directive 2014/65/EU) and MiFIR (Regulation (EU) No 600/2014). Although practitioners still say “MiFID” as shorthand, the operative law is MiFID II/MiFIR. The regime sets core requirements on client categorisation, conduct of business (including best execution, inducements, and suitability/appropriateness), organisational arrangements, product governance, transaction reporting, market transparency and the regulation of trading venues. It is central...

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Debt capital markets regulation in the EU and UK: key regimes, post-Brexit divergence and ongoing reforms—one-minute guide for practitioners

Practice notes
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The key regulatory frameworks shaping the debt capital markets in (1) the EU and EEA, and (2) the UK are outlined below. Before Brexit, the UK depended on EU lawmakers for a substantial part of its financial services regime. As a result, the measures listed here are predominantly EU legislative acts, which continued to apply in the UK after IP completion day as retained EU law (REUL)...

From 1 January 2024, any REUL still in effect is termed ‘assimilated law’, pursuant to section 5 of the Retained EU Law (Revocation and Reform) Act 2023. Over time, assimilated law will be superseded by rules made by the financial services regulators within a framework set by the government and Parliament. For information on the assimilation of REUL, see Practice Note: Assimilated law...

MiFID II/MiFIR

The principal EU legislation governing the debt capital markets comprises the Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (EU MiFIR). EU MiFID II provides for the authorisation and regulation of firms whose usual business is the provision of one or more investment services to third parties and/or the performance of one...

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Web page updated on 21/05/2026

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