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MiFID II and MiFIR – The Markets in Financial Instruments Directive and Regulation

Welcome to our MiFID II and MiFIR hot topic page which sets out information on the current status of MiFID II including industry consultation papers. We have included links on this page to our MiFID II briefings, relevant sources of law, regulations and guidance. For the very latest information and advice on MiFID II, please feel free to contact one of our lawyers.

Countdown to MiFID II application

MiFID II will apply on 3 January 2018. Make sure you are fully prepared.

How Eversheds Sutherland can help


MiFID II Net offers a one stop shop solution to help you plan and manage your entire MiFID II implementation project. Our gap analysis tool is designed in conjunction with clients to address MiFID II project implementation in a cost-effective manner. The tool can be seamlessly integrated into MiFID II Net’s project management capabilities.
Delivered via an online platform, the tool contains:
  • Functionality to allocate and monitor project tasks
  • Calendar reminders
  • A fully fledged document management module
  • MiFID II document suite
  • Cloud storage for secure online storage for your templates, polices and documents

For further information, please contact Andrew Henderson or Michael Booth.

MiFID Maps

Our MiFID Maps tool is designed to help with MiFID II implementation and can be used in conjunction with the MiFID II gap analysis and project implementation tools which we offer.

MiFID Maps identify:

  • how the Level One MiFID I provisions map against the Level One MIFID II and MiFIR provisions;
  • each article of the Level One MiFID II Directive and MiFIR Regulation, by number and subject, as well as corresponding recitals which have an important role in giving meaning to some articles;
  • how the European Securities and Markets Authority (ESMA) have amplified the Level One provisions, through Level Two directives, regulatory technical standards (RTS) and implementing technical standards (ITS);
  • the provisions of the Organisational Regulation (Commission Delegated Regulation (EU) of 25.4.2016) which will replace sections of the FCA Handbook of Rules and Guidance; and
  • how the Financial Conduct Authority (FCA) is currently planning to implement the requirements of MiFID II in the United Kingdom (as it has indicated in Consultation Papers 16/19 and 15/43).

About MiFID II

MiFID II represents the response to the Commission’s review of the Markets in Financial Instruments Directive (MiFID) in light of the 2008 financial crisis. MiFID governs the regulatory framework for firms that provide investment services and products in the European Union (EU). MiFID II expands MiFID’s scope, adds further investor protections, increases the requirements related to the trading of financial instruments and introduces new provisions for non-EU investment firms offering investment services and products in the EU.

The key changes envisaged by MiFID II are classified in respect of the following areas (and we explore these in more detail below):

Current status of MiFID II

The text of the MiFID II Directive (the Level 1 Directive) and the text of MiFIR were been published in the Official Journal on 12 June 2014. They each came into force on 2 July 2014.

Member states are required to adopt measures to transpose the MiFID II Directive by 3 July 2017 and those measures must be effective from 3 January 2018 (with some minor exceptions). As MiFIR is a regulation it does not need to be transposed and will apply (with limited exceptions) from 3 January 2018. Please see the MiFID II section of our Financial Services Regulatory Calendar for key future milestones.

Industry Consultation and Discussion Papers

FCA papers

PRA papers

HMT papers

ESMA papers

MiFID Maps
Financial Institutions Sector - Asset managers
Financial Institutions Sector - Asset managers