MiFID II is formally Directive 2014/65/EU. A directive imposes obligations on financial institutions and others only once Member States transpose it into national law. Article 1(2) of MiFID II lists its subject matter: the authorization and operating conditions for investment firms, the provision of services by third-country firms through branches, the authorization and operation of regulated markets, the authorization and operation of data reporting services providers, and the supervision and cooperation of authorities1. The transparency and transaction reporting rules are in the Markets in Financial Instruments Regulation (MiFIR), adopted on the same date. The article that covers this term explains the details.

Notes

  1. Directive 2014/65/EU Article 1(2)(a) to (e) (adopted version on legislation.gov.uk). ↩