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European Union

EU MiFIR/MiFID II transparency: pre- and post-trade rules, waivers, deferrals and market data, with 2024-2026 MiFIR Review reforms for equity and non-equity instruments

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Practice notes
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MiFID II & MiFIR—pre- and post-trade transparency

This Practice Note outlines the framework for pre- and post-trade transparency applicable to trading venues and investment firms under the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), as revised by Regulation (EU) 2024/791 (the MiFIR Review). MiFIR has applied since 3 January 2018 alongside the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). The MiFIR Review was published in the Official Journal of the EU on 8 March 2024 together with Directive (EU) 2024/790 amending MiFID II. The MiFIR Review took effect on 28 March 2024, although some provisions will start later—see Date of application of certain provisions of the MiFIR Review below. Member States were required to transpose Directive (EU) 2024/790 into national law by 29 September 2025. For more on MiFIR and MiFID II, see Practice Note: EU MiFID II and MiFIR—essentials. For information on trading venues, see Practice Note: MiFID II—EU trading venues.

Date of application of certain provisions of the MiFIR Review

The MiFIR Review entered into force on 28 March 2024...

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Web page updated on 27/05/2026

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