Entry into force

2 July 2014 / Transposition into national law: 3 July 2017 with effect from 3 January 2018 (delayed by one year by Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016)

Scope of application

MiFID II applies to investment firms, market operators, and data reporting service providers. It is intended to strengthen investor protection and increase transparency, among other things.


MiFID II contains rules on the following:

  • Authorization and activities of investment firms (Art. 5 et seqq. MiFID II);
  • Operating conditions for investment firms (Art. 21 et seqq. MiFID II);
  • Market transparency and integrity (Art. 31 et seqq. MiFID II);
  • Provision of investment services and performance of investment activities by third-country firms (Art. 39 et seqq. MiFID II);
  • Regulated markets (Art. 44 et seqq. MiFID II);
  • Data reporting services (Art. 59 et seqq. MiFID II);
  • Supervision, cooperation, and sanctions on the part of competent authorities (Art. 67 et seqq. MiFID II).

EU passport

Investment firms authorized and supervised in an EU Member State may freely provide services or establish branches in other EU Member States (Art. 34 et seq. MiFID II).

Third countries

MiFID II also applies to third-country firms providing investment services or performing investment activities through the establishment of a branch in the Union (Art. 1 para. 1 MiFID II). Articles 46 and 47 of the Markets in Financial Instruments Regulation (MiFIR) set out a regime granting third-country investment firms access to the internal EU market, subject to certain conditions.

Delegated acts relating to MiFID II

  • Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR)
  • Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU […] with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits
  • Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU […] as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
  • 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 […] on markets in financial instruments
  • Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing Directive 2014/65/EU […] on markets in financial instruments with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions
  • Commission Implementing Regulation (EU) 2017/2382 of 14 December 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the transmission of information in accordance with Directive 2014/65/EU […]