MiFID II

The Markets in Financial Instruments Directive (MiFID) is a European directive that, among other things, comprises rules for financial institutions which provide investment and/or ancillary services, that is, which distribute financial instruments and structured deposits. MiFID II is the successor to the MiFID I Directive. The principles of MiFID I have been maintained, but the regulations have been refined in the interests of investor protection.

Information for the sector

17/01/2018
Questions and answers concerning product governance and client reporting(785.4 KB)

20/12/2017
ESMA statement to support the smooth introduction of the LEI requirements(137.79 KB)
Legislation
- European legislation
  
  01/12/2016
  Commission Delegated Regulation (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives(588.01 KB)
  
  28/07/2016
  Commission delegated regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities(492.39 KB)
  
  14/07/2016
  Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the tick size regime for shares, depositary receipts and exchange- traded funds(201.3 KB)
  
  14/07/2016
  Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser(383.96 KB)
  
  14/07/2016
  Commisison Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities(379.03 KB)
  
  14/07/2016
  Commisison Delegated Regulation (EU) 2017/584 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying organisational requirements of trading venues(398.47 KB)
  
  14/07/2016
  Commission delegated regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives(992.52 KB)
  
  29/06/2016
  Commission delegated regulation (EU) 2017/582 of 29 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing(331.88 KB)
  
  24/06/2016
  Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties(456.55 KB)
  
  24/06/2016
  Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments(422.57 KB)
  
  13/06/2016
  Commission Delegated Regulation (EU) 2017/579 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the direct, substantial and foreseeable effect of derivative contracts within the Union and the prevention of the evasion of rules and obligations(327.44 KB)
  
  13/06/2016
  Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations(355.17 KB)
  
  08/06/2016
  Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution(343.15 KB)
  
  08/06/2016
  Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions(383.53 KB)
  
  07/06/2016
  Commission Delegated Regulation (EU) 2017/574 of 7 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the level of accuracy of business clocks(327.28 KB)
  
  06/06/2016
  Commission Delegated Regulation (EU) 2017/573 of 6 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on requirements to ensure fair and non-discriminatory co-location services and fee structures(319.45 KB)
  
  02/06/2016
  Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre-and post-trade data and the level of disaggregation of data(315.94 KB)
  
  02/06/2016
  Commission Delegated Regulation (EU) 2017/571 of 2 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services providers(232.28 KB)
  
  02/06/2016
  Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks(333.55 KB)
  
  26/05/2016
  Commission Delegated Regulation (EU) 2017/570 of 26 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the determination of a material market in terms of liquidity in relation to notifications of a temporary halt in trading(315.6 KB)
  
  26/05/2016
  Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation(326.37 KB)
  
  25/05/2016
  Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments(341.24 KB)
  
  24/05/2016
  Commission Delegated Regulation (EU) 2017/569 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the suspension and removal of financial instruments from trading(314.15 KB)
  
  24/05/2016
  Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets(333.66 KB)
  
  18/05/2016
  Commission Delegated Regulation (EU) 2017/566 of 18 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions(335.08 KB)
  
  25/04/2016
  Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive(858.84 KB)
Circulars and communications
- Communications
  
  01/12/2017
  FSMA_2017_22
  Communication on the implementation of MiFID II: ancillary activity exemption and position limits in commodity derivatives(383.28 KB)
  Form: Notification of ancillary activity exemption under MiFID II(52.59 KB)
- ESMA Guidelines
  
  05/08/2019
  FSMA_2019_17
  Application of points 6 and 7 of Section C of Annex 1 of MiFID II: implementation by the FSMA(36.15 KB)
  Guidelines On the application of C6 and C7 of Annex 1 of MiFID II(228.17 KB)
  
  21/02/2018
  FSMA_2018_02
  Guidelines on the management body of market operators and data reporting services providers(336.25 KB)
  ESMA Guidelines on the management body of market operators and data reporting services providers(1.06 MB)

Consumers

Professionals

MiFID II

Information for the sector

Legislation

European legislation

Circulars and communications

Communications

ESMA Guidelines

Consumers

Professionals

FSMA

MiFID II

Information for the sector

Legislation

European legislation

Circulars and communications

Communications

ESMA Guidelines

Consumers

Professionals

FSMA

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