Markets in Financial Instruments Directive II

Regulation · CC-BY-4.0

EU framework for investment services, trading venues, and pre/post-trade transparency. Key hedge fund touchpoints: research unbundling, best execution, transaction reporting (MiFIR Article 26), systematic internaliser regime, and trading-obligation rules for shares and derivatives.

Details

• short name: MiFID II
• aliases: MiFIR
• jurisdiction: EU
• regulator: ESMA + national competent authorities
• kind: directive
• effective date: 2018-01-03
• summary: EU framework for investment services, trading venues, and pre/post-trade transparency. Key hedge fund touchpoints: research unbundling, best execution, transaction reporting (MiFIR Article 26), systematic internaliser regime, and trading-obligation rules for shares and derivatives.
• scope: Investment firms, trading venues, and ancillary services across the EU.
• applies to: EU investment firms, EU branches of third-country firms, EU trading venues
• related regulations: aifmd, emir
• related terms: best-execution, research-unbundling, systematic-internaliser, transaction-reporting
• official text url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065
• history: Adopted 2014, effective Jan 2018. MiFID II Review (2024) eased research unbundling and clarified trading transparency.