Jurisdiction(s):
European Union

EU MiFID II/MiFIR Review and 2024 Amendments: Consultation, ESMA Reports, Legislative Timeline, and Key Reforms (Consolidated Tape, Transparency, PFOF, STO/DTO, ETD Open Access)

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Practice notes

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In the EEA, the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), collectively the EU MiFID II framework, set out the rules for delivering investment services and activities across the EEA. The framework applies to investment firms, regulated markets and credit institutions that provide investment services, and it also captures data reporting service providers within its scope. Most of the MiFID II and MiFIR provisions took effect on 3 January 2018. For further detail on MiFID II and MiFIR, see Practice Note: EU MiFID II and MiFIR—essentials.

The framework built in a compulsory review to evaluate the regime’s overall performance after two years of application. This Practice Note maps the principal phases of the MiFID II review, alongside the ensuing legislative proposals to modify the EU MiFID II framework. It additionally follows the Commission’s proposals from their introduction through to their final form. For information on the UK’s reforms of its on-shored MiFID II regime, including in relation to the Financial Services and Markets Act 2023 (which partially implemented the outcome of the wholesale markets...

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Web page updated on 21/05/2026

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