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MiFID MiFIR


What is MiFID II and MiFIR?

The Directive 2014/65/EU (hereafter the "Directive") on markets in financial instruments, or commonly known as MiFID II, came into force in July 2014, but the rules only started to be enforced on January 3rd, 2018.

The Directive is accompanied by the Regulation 600/2014 (hereafter the "Regulation"), or MiFIR, and with a Commission Delegated Directive and a Delegated Regulation, both dated April 2016. ESMA has also published its Guidelines regarding the legal framework.

MiFID II is the revised version of MiFID (Directive 2004/39) and the result of the financial crisis of 2008 that underlined the need for more transparency and clearer rules in the financial market.

What is the scope of MiFID II?

MIFID 2 - Scope of Mifid II Directive
MiFID II applies to financial service businesses and more specifically to "investment firms, market operators, data reporting services providers, and third-country firms providing investment services or performing investment activities through the establishment of a branch in the Union".


What are the objectives of the MiFID II Directive?

The MiFID II "package", with its Directive, Regulation, Guidelines etc., regulates many different aspects of the financial market, among them:

  • More transparency in the market.
  • More protection for the investors that will reinforce their confidence in the market.
  • The Directive underlines the necessity of the establishment of a clear regulatory regime governing the execution of transactions in financial instruments irrespective of the trading methods used to conclude those transactions, meaning better quality of execution and efficiency of the system.
  • Enhancement of the "best execution" framework for the retail investors.
  • More transparency and stronger legal framework for markets in financial instruments, including where trading in such markets takes place over-the-counter ("OTC").
MIFID 2 - Customer Information Transparency

Finally, all the measures aim at enhanced harmonization of the rules among member states and financial stability in the EU.

How can Pideeco help you with MiFID MiFIR?

The complete documentation of MiFID II is over a thousand pages long and can be confusing and overwhelming for companies to understand. We at Pideeco can help you to:

- Understand and breakdown the main concepts of MiFID II and its related regulations and guidance.

- Offer trainings on MiFID II and its related regulations and guidance.

- Draft policies and procedures concerning MiFID II.

- Set up an efficient MiFID II process that integrates with your business and clients.

- Evaluate your current MiFID II processes and help you spot and remediate any gaps.

- And even perform mystery shopping in the sales channel (direct agents or brokers).

Let us know how we can help! We'll get back to you lightning quick!

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