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United Kingdom
Key definition
MiFIR definition

What does MiFIR mean? MiFIR is the regime lawyers use to describe the core EU rules on how financial instruments are traded, made transparent and reported. It is set out in legislation: Regulation (EU) No 600/2014 (the Markets in Financial Instruments Regulation), which operates with MiFID II and also made targeted amendments to EMIR (EU) No 648/2012. Key features include pre- and post-trade transparency for equities and non-equities, transaction reporting by investment firms to regulators, the trading obligation for certain shares and derivatives, rules on systematic internalisers, and non-discriminatory access between trading venues and CCPs. It underpins use of data reporting services (e.g. APAs/ARMs)...

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UK MiFIR implementation and post‑Brexit divergence: article‑by‑article roadmap and reform updates (Archived)

Practice notes
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ARCHIVED: This Practice Note is archived and will not be updated again...

Introduction to the mifir UK implementation roadmap

The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) appeared in the Official Journal of the European Union on 12 June 2014 and took effect on 2 July 2014. Together they overhauled and broadened the regime first created by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I)...

Following amendment, most provisions of the Directive and the Regulation applied from 3 January 2018. EU Member States had until 3 July 2017 to implement MiFID II domestically, whereas MiFIR has direct applicability across Member States...

This note sets out an article-by-article MiFIR roadmap, explaining how each article has been implemented in the UK, and highlighting proposed and final changes to legislation and to the rulebooks of HM Treasury, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)...

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

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Web page updated on 22/05/2026

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