Jurisdiction(s):
United Kingdom

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 It was first established by the markets in financial instruments directive (Directive 2004/39/EC), which was repealed and replaced on 3 January 2018 by mifid ii (Directive 2014/65/EU) and MiFIR (Regulation (EU) No 600/2014).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

UK MiFID II implementation and post-Brexit divergence: article-by-article roadmap and reforms [Archived]

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Introduction to the mifid ii UK implementation roadmap

The recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (600/2014) (MiFIR) were published in the Official Journal of the European Union on 12 June 2014 and came into force on 2 July 2014.

MiFID II and MiFIR substantially revised and broadened the framework first introduced by the Markets in Financial Instruments Directive (2004/39/EC) (mifid I). As amended, most provisions of the Directive and Regulation applied from 3 January 2018, and EU Member States had until 3 July 2017 to transpose MiFID II into domestic legislation.

This document sets out an article-by-article roadmap to MiFID II, outlining UK implementation for each article, including both proposed and final amendments to legislation and rules made by HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

At 11pm (GMT) on 31 December 2020 (IP completion day), the brexit transition/implementation period following the UK’s withdrawal from the EU came to an end...

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Web page updated on 22/05/2026

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