AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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.

In terms of the legislative process, the European Parliament voted on its amendments to the Commission’s proposals on 26 October 2012. The Council reached a General Approach in June 2013. Trialogues (negotiations between the three European Institutions aimed at reaching an agreed Level 1 text) are currently underway.


Key legislative documents

MiFID I
Level 1

Text of MiFID 1 (April 2004)

Level 2

MiFID I Implementing Regulation (September 2006)

MiFID I Implementing Directive (September 2006)

Level 3

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)

CESR Guidelines on MiFID Transaction Reporting (May 2007)

MiFID II / MiFIR
Level 1

European Council General Approach - MiFID II (June 2013)

European Council General Approach - MiFIR (June 2013)

European Parliament Plenary Text - MiFID II (October 2012)

European Parliament Plenary Text - MiFIR (October 2012)

European Commission Proposed Text of MiFID 2 (October 2011)

European Commission Proposed Text of MiFIR (October 2011)


Consultations, legislative process and related AIMA documents

Level 1

Level 2


Key AIMA Documents

AIMA Summary - potential MiFIDII/MiFIR Level 2 measures (July 2013)

AIMA Summary - MiFID/R: respective positions of the European Commission, Parliament and Council (July 2013)

AIMA position paper on MiFIDII/R (January 2012)

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

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


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Sub Menu

  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
        1. ETFs and Structured UCITS
      5. Venture Capital
    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
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
        1. EMIR Level 1
        2. EMIR Level 2
        3. EMIR UK Implementation
        4. ESMA technical advice on equivalence
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
      7. Singapore
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
      2. CPSS-IOSCO
      3. Financial Stability Board
      4. UK
      5. USA
    8. Short Selling
      1. EU Short Selling Regulation
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      2. Hong Kong Short Selling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Securities Settlement
    10. Shadow Banking
      1. International Shadow Banking
      2. EU Shadow Banking
    11. Trading
      1. MiFID / MiFIR
        1. MiFIDII MiFIR Level 1 Consultations, legislative process and related AIMA documents
        2. MiFIDII MiFIR Level 2 Consultations, legislative process and related AIMA documents
      2. Dodd-Frank Act
  4. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. FATCA
      2. Other Hot Asset Management Topics
      3. Other Hot Markets Topics
      4. UK Partnership Tax Review
      5. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme