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MiFID / MiFIR

The Markets in Financial Instruments Directive (MiFID) came into force on 1 November 2007. Replacing and expanding upon the Investment Services Directive, its objective was to increase the integration and efficiency of EU financial markets.

To achieve this, MiFID established a harmonised regulatory framework for the provision of investment services in financial instruments across the EU and for the operation of regulated markets by market operators.

Following the global financial crisis, the European Commission has decided to review the MiFID framework. On 20 October 2011, the European Commission adopted proposals for (i) a revised Directive and (ii) a new Regulation (MiFIR). Between them, these proposals:

  • extend the existing regime both in terms of instruments and firms covered, so that, for example, certain commodity trading firms will fall within scope of the regime;
  • impose regulatory requirements on firms undertaking algorithmic trading (including HFT);
  • impose position limits on the trading of commodity derivatives;
  • impose restrictions on third country firms providing services in the EU;
  • introduce enhanced corporate governance requirements for investment firms; and
  • introduce enhanced pre- and post-trade transparency provisions in respect of both equities and non-equities.

Key legislative documents

Text of MiFID Level 1

Text of MiFID 2

Text of MiFIR

Relevant consultations

ESMA consultation paper on guidelines on certain aspects of the MiFID compliance function requirements (December 2011)

ESMA consultation paper on guidelines on certain aspects of the MiFID suitability requirements (December 2011)

European Commission Public Consultation Review of the Markets in Financial Instruments Directive (MiFID) (December 2010)

ESMA consultation paper on guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities

CESR Consultation Paper - Standardisation and exchange trading of OTC Derivatives (July 2010)

CESR Consultation Paper - Technical Advice to the European Commission in the context of the MiFID Review: Client Categorisation (July 2010)

CESR Consultation Paper - Technical Advice to the European Commission in the Context of the MiFID Review: Non-equity Markets Transparency (May 2010)

CESR Consultation Paper - Technical Advice to the European Commission in the Context of the MiFID Review: Equity Markets (April 2010)

CESR Call for Evidence - Micro-structural issues of the European equity markets (April 2010)

CESR Consultation Paper - Technical Advice to the European Commission in the Context of the MiFID Review – Investor Protection and Intermediaries (April 2010)

CESR Consultation Paper - Technical Advice to the European Commission in the Context of the MiFID Review: Transaction Reporting (April 2010)

IOSCO Consultation Report - Issues raised by Dark Liquidity (October 2010)

CESR Call for Evidence: Review of the scope of the MiFID transaction reporting obligation (November 2008)

AIMA documents

AIMA response to ESMA consultation - Guidelines on certain aspects of the MiFID compliance function (February 2012)

AIMA response to the Rapporteur's Questionnaire on MiFID 2 and MiFIR (January 2012)

AIMA Position Paper - Markets in Financial Instruments Directive (January 2012)

AIMA response to the ESMA consultation on Guidelines on systems and controls in a highly automated trading environment for trading platforms investment firms and competent authorities (October 2011)

AIMA response to the IOSCO consultation report on Regulatory Issues Raised by The Impact of Technological Changes on Market Integrity and Efficiency (August 2011)

AIMA Response to IOSCO Consultation Report on Issues Raised by Dark Liquidity (February 2011)

AIMA response to the European Commission Public Consultation ‘Review of the Markets in Financial Instruments Directive (February 2011)

AIMA response to the CESR Consultations on Standardisation and Exchange trading, and Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations (August 2010)

AIMA response to the CESR Consultations on CESR Technical Advice to the European Commission in the context of the MiFID Review: Client Categorisation (August 2010)

AIMA response to the CESR Consultation on advice in the context of the MiFID Review: equity markets (May 2010)

AIMA response to the CESR Consultation on advice in the context of the MiFID Review: Investor protection and Intermediaries (May 2010)

AIMA response to the CESR Consultation on advice in the context of the MiFID Review: Transaction Reporting (May 2010)

Other relevant documents

ESMA Final Report and Guidelines on certain aspects of MiFID compliance function requirements (July 2012)

ESMA's Final Report - Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities (April 2012)

ESMA Guidelines - systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities (February 2012)

ECON Rapporteur's Draft Report on MiFIR (March 2012)

ECON Rapporteur's Draft Report on MiFID (March 2012)

IOSCO Final Report - Regulatory issues raised by the impact of technological changes on market integrity and efficiency (October 2011)

ESMA MiFID Q&A - Investor Protection and Intermediaries (April 2011)

CESR Feedback Statement on Technical Advice to the European Commission in the context of the MiFID Review - Standardisation and Organised Platform Trading of OTC Derivatives (December 2010)

European Parliament Committee on Economic and Monetary Affairs - Report on regulation of trading in financial instruments – ‘dark pools’ etc (November 2010)

CESR Feedback Statement on Technical Advice to the European Commission in the context of the MiFID Review: Equity Markets (October 2010)

CESR Feedback Statement on Technical Advice to the European Commission in the context of the MiFID Review: Non-equity markets transparency (October 2010)

CESR Feedback Statement on Technical Advice to the European Commission in the context of the MiFID Review: Client Categorisation (October 2010)

CESR Final Report - Technical Advice to the European Commission in the context of the MiFID Review: Equity Markets - Post-trade Transparency Standards (October 2010)

CESR Final Report - Standardisation and Organised Platform Trading of OTC Derivatives (October 2010)

CESR Final Report - Technical Advice to the European Commission in the context of the MiFID Review: Client Categorisation (October 2010)

CESR Feedback Statement on Technical Advice to the European Commission in the context of the MiFID Review: Investor Protection and Intermediaries (September 2010)

CESR Final Report - Technical Advice to the European Commission in the context of the MiFID Review: Equity Markets (July 2010)

CESR Final Report - Technical Advice to the European Commission in the context of the MiFID Review: Non-equity Markets Transparency (July 2010)

CESR Final Report - Technical Advice to the European Commission in the context of the MiFID Review: Transaction Reporting (July 2010)

CESR Final Report - Technical Advice to the European Commission in the context of the MiFID Review: Investor Protection and Intermediaries (July 2010)

CESR Responses to Questions 15-18 and 20-25 of the European Commission Request for Additional Information in Relation to the Review of MiFID (July 2010)

CESR MiFID Q&A: Common positions agreed by CESR Members of the Investor Protection and Intermediaries Standing Committee (May 2010)

Feedback Statement – MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements

Q&A MiFID complex and non-complex financial instruments for the purposes of the Directive’s appropriateness requirements

Protocol on the Supervision of Branches under MiFID

Other resources

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  1. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. UCITS
        1. ETFs and Structured UCITS
      3. Venture Capital
      4. MiFID / MiFIR
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
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      4. AIFMD
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  3. Tax Affairs
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    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  4. Search
  5. Resources
    1. Noticeboard
      1. Bribery Act
      2. Client Assets Regime
      3. Conflicts of Interest - UK
      4. Dodd-Frank Act - Fund Manager Registration and Reporting
      5. Dodd-Frank Act - Swaps and OTC Derivatives
      6. Dodd-Frank Act - Volcker Rule
      7. EMIR - Regulation on OTC Derivatives, CCPs and Trade Repositories
      8. EU Directive on Alternative Investment Fund Managers
      9. EU Directive on Alternative Investment Fund Managers - Level II
      10. EU Short Selling Regulation
      11. FATCA
      12. FTT
      13. FSA Remuneration Code
      14. General
      15. MADII / MAR - Market Abuse Directive
      16. MiFIDII / MiFIR - Markets in Financial Instruments Directive
      17. Other Tax Issues
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      19. Shadow Banking
      20. Singapore Asset Management Regime
      21. Solvency II
      22. Swiss Collective Investment Schemes Act
      23. UCITS and ETFs
      24. UK Stewardship Code
      25. US Short Selling Regime
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