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Jurisdiction(s):
United Kingdom

UK MiFID II and MiFIR: scope, authorisation, conduct rules, prudential and organisational requirements, product governance, trading venues and transparency, reporting, DTO and commodities—key obligations and reforms

Practice notes
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This Practice Note offers concise, high-level coverage of the principal features of the UK MiFID II regime and signposts to further guidance. The regime stems from Directive 2014/65/EU (MiFID II) and incorporates EU measures that had direct effect in the UK, became part of UK assimilated law upon the UK’s withdrawal from the EU, and are subject to revocation under the Financial Services and Markets Act 2023 (FSMA 2023). Instruments within UK assimilated law include Assimilated Regulation (EU) 600/2014 (UK MiFIR) and, until it is revoked on 23 October 2025, Commission Delegated Assimilated Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation). For details on the revocation of UK MiFIR and other assimilated measures in the UK MiFID II framework, see Practice Note: UK MiFID II reforms.

Activities and firms which the UK MiFID II regime applies to

Investment services and activities, and ancillary services

The UK MiFID II regime captures investment services and activities and, where applicable, ancillary services—termed ‘MiFID business’ in the Financial Conduct Authority (FCA) Handbook—when carried on by a person whose regular occupation or business is their provision or performance...

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Web page updated on 22/05/2026

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