UK MiFID II

UK MiFID II

This Overview provides a guide to the Financial Services content within the UK Markets in Financial Instruments Directive II (UK MiFID II) subtopic with links to the appropriate materials.

Background to MiFID II

The Markets in Financial Instruments Directive (2004/39/EC) (MiFID), which replaced the Investment Services Directive (93/22/EEC) (ISD), was adopted in 2004 as a level 1 or framework directive under the Lamfalussy process and had to be implemented into the national laws of European Union (EU) Member States by 1 November 2007 (although some Member States missed the implementation deadline). Its aim was to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensure a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products.

In 2014, EU legislators agreed to replace MiFID with Directive 2014/65/EU (MiFID II) and Regulation (EU) 600/2014 (MiFIR) (together the MiFID II framework), which significantly amended and expanded the regulatory framework that was established by MiFID. MiFID II had to be transposed by Member States by 3 January 2018, while MiFIR had direct effect.

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