MiFID

Since its implementation in November 2007, the Markets in Financial Instruments Directive has been the cornerstone of capital markets regulation in Europe, regulating market integrity and investor protection at the European Union level. 

On January 2018, MIFID was reviewed and completed by MiFIR (together referred to as “MiFID II”). MIFIR extended market transparency and integrity rules to derivatives and debt financial instruments, improved market data consolidation and re-enforced investors’ protection and conduct of business rules. MIFID II also introduced additional measures on product governance, on the reinforcement of control and management functions and on the enhancement of financial supervision.

Recently, MiFID II was reviewed in the European Union and the rules progressively apply since 28 March 2024 (with progressive entry into force of some dispositions depending on specific rules to come), and the transposition deadline for MIFID is 29 September 2025. The amendments relate primarily to market transparency and integrity.

In parallel, the United Kingdom (UK) legislator is currently reviewing the UK-inherited version of MIFID and MIFIR, with modifications progressively entering into force. 

Below are several important informative and legal documents that we recommend you read carefully.
 

• List of Execution Venues
• Information on the execution venues and the executing brokers (RTS28)
• Reporting on the quality of execution (RTS27)