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The revised Markets in Financial Instruments Directive and new Markets in Financial Instruments Regulation – collectively known as MiFID II – represented a comprehensive and profound reshaping of how EU financial markets, products and services and the relationship between financial services firms and their customers are regulated. The rules have applied since 3 January 2018.

The MiFID II reforms cover several areas including:

  • Authorisation and organisational requirements
  • Developments in market structures
  • Investor protection and provision of investment services
  • OTC derivatives and commodities
  • Transparency
  • Supervisory powers

MiFID II is subject to a comprehensive review which may lead to changes in many of these areas. Relevant legislative proposals are expected in 2021. In the shorter term, there have been proposals for certain “quick fixes” to the MiFID II investor protection rules and requirements related to commodity derivatives, which are expected to be finalised during 2020.

We advised over 30 clients across financial services, fintech, commodities, energy and oil sectors on their MiFID II implementation projects, looking at complex issues across all business lines.


We have been at the forefront of analysing the impact of Brexit on EU and UK legislation and regulation and the financial services industry.

The post-Brexit implementation of MiFID II in the UK will be a complicated network of primary and secondary legislation, regulatory rules and guidance and industry standards.

We are working with clients in the UK, EU and internationally on what the Brexit consequences are for them in relation to MiFID II compliance, including the complex interaction between the post-Brexit EU27 and UK MiFID requirements.

Our following Insights summarise some of the key points to note on Brexit and MiFID II. 

The following two publications are only accessible via our Knowledge Portal. If you are a Linklaters client, log in or subscribe to our Knowledge Portal to access these in full.

For more detail on Brexit-related changes to UK law, explore our Brexit SI tracker.

We regularly hold breakfast briefings and roundtables on current financial regulatory topics, including the latest developments on post-MiFID II implementation. If you would like more information about these events, please get in touch with your usual Linklaters contact or one of the team listed below.

Visit each of the following pages for more information. Please note that we have included publications relating to the MiFID II quick fix and the wider MiFID II Review within the Level 1 and Level 2 pages:

MiFID II and MiFIR status - Level 1

MiFID II and MiFIR status - Level 2

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