Jurisdiction(s):
United Kingdom

Related legal acts

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 It was first established by the markets in financial instruments directive (Directive 2004/39/EC), which was repealed and replaced on 3 January 2018 by mifid ii (Directive 2014/65/EU) and MiFIR (Regulation (EU) No 600/2014).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

Determining UK MiFID II scope: MiFID versus non-MiFID business, investment services and instruments, exemptions (including ancillary activities), authorisation requirements, organisational reforms and data reporting services

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Practice notes

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This Practice Note

This Practice Note sets out an overview of what constitutes mifid business as that term appears in the Financial Conduct Authority (FCA) Glossary, as defined there, and includes a flowchart to navigate the particular components involved in deciding whether the UK provisions derived from the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) apply within the UK. It also flags the exemptions that could allow firms to fall outside MiFID II’s scope. Firms that are within the reach of the UK provisions implementing MiFID II must be authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000) and observe a range of organisational, conduct of business and other requirements. The Note also sketches the regime that governs UK data reporting services. Although the UK has now left the EU, the FCA continues to distinguish between MiFID business and non-MiFID business. For details on the UK’s reforms of its MiFID II framework, including the wholesale markets review, see Practice Note: UK MiFID II reforms. For further information about the FCA and Prudential Regulation Authority (PRA) authorisation process under FSMA 2000 Pt IV, see Practice Note: FCA and PRA authorisation under FSMA 2000, Pt 4...

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Web page updated on 21/05/2026

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