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 It was first established by the markets in financial instruments directive (Directive 2004/39/EC), which was repealed and replaced on 3 January 2018 by mifid ii (Directive 2014/65/EU) and MiFIR (Regulation (EU) No 600/2014).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

UK FCA MIFIDPRU Remuneration Code (IFPR): categorisation, basic/standard/extended requirements, MRT obligations, variable pay controls, remuneration committees, MIF008 reporting, disclosure duties, group application and interaction with other Remuneration Codes

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Practice notes

Investment Firms Prudential Regime (IFPR), MIFIDPRU and the MIFIDPRU Remuneration Code

The UK Investment Firms Prudential Regime (IFPR) took effect on 1 January 2022. For information on the IFPR, see Practice Note: The UK investment firms prudential regime (IFPR). The IFPR is delivered, in part, through MIFIDPRU and the MIFIDPRU Remuneration Code (SYSC 19G) (the Code) contained in the Financial Conduct Authority (FCA) Handbook. MIFIDPRU replaced BIPRU and IFPRU in the FCA Handbook, and SYSC 19G replaced the BIPRU and IFPRU Remuneration Codes. SYSC 19G came into force on 1 January 2022, with firms required to apply the new requirements from the start of their next performance year beginning on or after 1 January 2022. The Code sets out minimum regulatory expectations on remuneration for a MIFIDPRU investment firm, designed to be appropriate and proportionate to the risks inherent in the firm’s business model and activities. Under the proportionality principle in SYSC 19G.2.4 R, the scope and level of detail of a MIFIDPRU firm’s remuneration policy may vary according to a number of factors, and so the policy may reasonably differ between firms, including:

the staff the firm employs
the different types of roles
the activities it carries out...

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Web page updated on 27/05/2026

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