A guide to Practical Law Financial Services' MiFID materials

This practice note acts as an index to Practical Law Financial Services' resources on the Markets in Financial Instruments Directive (2004/39/EC) (MiFID) and its implementing legislation. It links to materials on the UK's implementation of MiFID, the European Commission's review of MiFID and MiFID II.


Scope of this note

Directive 2004/39/EC on markets in financial instruments (the Markets in Financial Instruments Directive (MiFID)) and its implementing legislation came into force on 1 November 2007. MiFID repealed Directive 93/22/EEC on investment services in the securities field (the Investment Services Directive (ISD)) and introduced wide-ranging changes to the regulation of firms conducting investment business throughout the EEA.

It is generally accepted that many of the original objectives of MiFID have been met. In particular, MiFID resulted in better protection and services for investors and, with the emergence of new trading systems and opportunities for pan-European trading, increased competition and innovation. However, it was widely acknowledged that there was room for improvement. In December 2010, following a review of MiFID, the European Commission published a consultation paper setting out proposals to amend MiFID. The MiFID review addressed those areas where modifications are considered to be necessary, as well as specific weaknesses in financial markets that emerged during the financial crisis. It also took account of technological developments and trading patterns that have significantly changed the structure of equity secondary markets since MiFID was first implemented. The Commission subsequently published its legislative proposals to amend MiFID and its implementing legislation in October 2011 (known as MiFID II).

After much negotiation, the Commission's legislative proposals evolved into the final MiFID II legislation, which takes the form of

  • A Directive on markets in financial instruments repealing Directive 2004/39/EC (2014/65/EU) (the MiFID II Directive).

  • A Regulation on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories (Regulation 600/2014) (MiFIR).

The above legislation is accompanied by a large amount of level 2 regulation from the Commission and the European Securities and Markets Authority (ESMA).

This practice note lists and provides links to Practical Law Financial Services' resources on MiFID, the UK's implementation of MiFID, the Commission's review of MiFID and MiFID II.


Practice notes

Practice note: overview

Practice notes on MiFID


Flowcharts and checklists


Practice notes and checklists on UK implementation of MiFID

The following notes explain how specific aspects of MiFID have been implemented in the UK:


Practice notes on MiFID II




Resources documents

The following resources documents identify and track the progress of key UK and EU developments (including consultations, policy and guidance) relating to specific aspects of MiFID. The EU material is presented in both documents by subject matter.

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