PIMFA
MIFID II
The Markets in Financial Instruments Directive II (MiFID II) is a European regulation to increase transparency across financial markets and standardise the regulatory disclosures required for firms operating in the UK and EU.
MiFID II, which came into effect in January 2018, introduced a wide range of reforms and requirements with the primary objective to keep financial markets strong, fair, effective, and transparent. Post-Brexit, the MiFID regulatory framework was onshored into UK law with some adjustments to operate properly from a UK-only perspective, and PIMFA continues to support members with MiFID II-related compliance issues and transaction reporting requirements.
Ongoing, PIMFA is engaged with regulatory and government stakeholders – such as part of the December 2022 Edinburgh Reforms – to enusre any future changes to the UK transposed framework, divergence from the EU, or opportunities to reshape European legislation more broadly are proportionate and value-adding to our members and UK financial markets.
- PIMFA MiFID II RESOURCES
Listed below are previous guides produced for PIMFA members during 2017 – 2018:
- MiFID II - Advice and Independence
- MiFID II - Algorithmic Trading
- MiFID II - Appropriateness
- MiFID II - Best Execution
- MiFID II - Guide Index
- MiFID II - CASS
- MiFID II - Client Order Handling
- MiFID II - Compliance Function
- MiFID II - Conflicts of Interest
- MiFID II - Corporate Events
- MiFID II - Costs and Charges
- MiFID II - European Feedback Template
- MiFID II - Inducements - General
- MiFID II - Inducements & Research Meeting March 2018
- MiFID II - Inducements - Research
- MiFID II - Information to Clients
- MiFID II - Outsourcing
- MiFID II - Personal Account Dealing
- MiFID II - Product Governance
- MiFID II - Product Governance - distributors' information-sharing obligations
- MiFID II - Product Governance - EMT Q&A
- MiFID II - Product Governance - EMT v.1
- MiFID II - Product Governance - FIDWG Target Market Population Decision Guide
- MiFID II - Product Governance - IA Target Market Useful Guide
- MiFID II - Record Keeping Checklist
- MiFID II - Reporting to Clients
- MiFID II - Suitability
- MiFID II - Telephone Taping
- MiFID II - Terms and Conditions
- MIFID Template - FinDatEx - EMT-V3.0
latest news
FCA Prudential regulatory reporting by MIFIDPRU investment firms
The FCA has published the findings of its review into the data quality of prudential regulatory reporting by MIFIDPRU investment firms. In it they share examples of good practice such as reporting across time periods and cross-validation across returns. They also set out areas for improvement amongst firms within the MIFIDPRU Regime, such as:
- Inconsistent reporting across multiple data sources,
- Inaccurate implementation of the MIFIDPRU guidance,
- Incorrect reporting of type of investment firm,
- Incorrect reporting units and data entry issues.
The FCA note that the output of this paper does not set new requirements or guidance but intends to encourage firms to review their existing systems and controls in relation to regulatory reporting.
To enable improved data quality, in future the FCA will email data quality notifications to firms, to highlight issues with the aim of improved quality of data submitted to the regulator.
Read the findings here.
The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 SI
This Statutory Instrument (SI) retains the key definitions within Commission Delegated Regulation (EU) 2017/565, otherwise known as the MiFID Org Reg, in domestic financial services legislation.
A subsequent commencement SI will be made to revoke the MiFID Org Reg and bring into force this SI. HM Treasury (HMT) will do this in co-ordination with the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) implementing rules to replace the firm-facing provisions from the MiFID Org Reg.
