Jurisdiction(s):
United Kingdom

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 It was first established by the markets in financial instruments directive (Directive 2004/39/EC), which was repealed and replaced on 3 January 2018 by mifid ii (Directive 2014/65/EU) and MiFIR (Regulation (EU) No 600/2014).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...

MiFID II investment research unbundling: prohibition on inducements, exemptions and research payment accounts under EU law and UK FCA rules

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note considers how the investment research rules were introduced under the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (mifid ii), as articulated in Commission Delegated Directive (EU) 2017/593 (the MiFID II Delegated Directive). It addresses the ban on inducements and the two available carve-outs. It then analyses the investment research carve-out, setting out the conditions firms must meet if they intend clients to fund investment research. For further details on MiFID II, refer to Practice Note: EU MiFID II and MiFIR—essentials.

Key points

MiFID II obliges buy-side firms to fund investment research separately from execution services. In other words, using dealing commissions to pay for a bundled execution-and-research offering is not permitted under MiFID II.
Buy-side firms must choose either to absorb the cost of investment research or to allocate it to clients.
If the charge is allocated to clients, a research payment account must be established and a research budget agreed with them.

The MiFID II research regime

MiFID II has fundamentally altered how buy-side firms—such as portfolio managers and investment advisers—obtain investment research...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...