Following on from the EU Commission’s December 2010 consultation to reform the Markets in Financial Instruments Directive (MiFID), the Commission published its legislative proposals, which took the form of a revised Directive (MiFID II) and a new Regulation (MiFIR), on 20 October 2011. Very broadly these proposals represent a comprehensive and profound set of reforms which will lead to a reshaping of the financial markets, the products and services that banks provide and the relationship between banks and their customers. The European Parliament endorsed MiFID II and MiFIR on 15 April 2014, and the Council of the European Union adopted the legislation on 13 May 2014. The MiFID II legislation was published in the Official Journal on 12 June 2014. Both MiFID II and MiFIR entered into force on 2 July 2014 (20 days after publication), and are required to be transposed into national law by 3 July 2017. They must apply within Member States by 3 January 2018.

The proposals

The MiFID reforms cover seven main areas. The links on the right summarise the changes and the possible impacts for MiFID-regulated businesses.

MiFID diagram


Contact us

If you would like further information on MiFID II, please contact: Michael Kent, Peter Bevan, Martyn HopperHarry Eddis, Nikunj Kiri or your usual Linklaters contact.

MiFID II Gap Analysis

Our MiFID II Gap Analysis tool outlines the current MiFID II/MiFIR provisions, allowing you to track the latest legislation and the key implications for MiFID-regulated businesses. If you would like more information about this online tool, please speak to your usual Linklaters contact or alternatively contact online.services@linklaters.com.

Breakfast briefings

We regularly hold Breakfast Briefings on topical financial regulatory topics, including MiFID II. If you would like to be invited to these briefings please contact one of the FRG partners or your usual Linklaters contact.

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