The Markets in Financial Instruments Directive
The MiFID II Directive encompasses the rules and guidelines on governance, products, investor protection and information disclosure. In addition, the requirements for third country firms to access the EU market are addressed. The contents of the Directive are subject to Level 2 and Level 3 measures as well as, potentially, to national implementation specifics by EU Member States, as far as allowed.
The MiFIR Regulation encompasses the rules and guidelines on execution venues, transaction execution as well as pre- and post-trade transparency. The contents of the Regulation are subject to Level 2 and Level 3 measures and will immediately come into force in the EU member states without possibility of national implementation specifics.
