Markets in Financial Instruments Directive (MiFID)

Directive 2014/65/EU on Markets in Financial Instruments (MiFID II) and Regulation (EU) 600/2014 on Markets in Financial Instruments (MiFIR) constitute the EU legislative framework governing the regulatory requirements applicable to investment firms, trading venues, data reporting service providers and third country firms providing investment services or activities in the EU. MiFID II and MiFIR set out requirements relating to:

  • Disclosure of relevant transactions in financial instruments to the public and to regulators;
  • Mandatory trading of in scope over the counter (OTC) derivatives on trading venues;
  • Removal of barriers between trading venues and providers of clearing services to ensure more competition;
  • Specific supervisory powers regarding financial instruments and positions in derivatives.

The United Kingdom (UK) formally left the European Union (EU) on 31 January 2020. Following the expiry of the transition period on 31 December 2020, EU legislation was retained (subject to certain amendments) in UK domestic law pursuant to the European Union (Withdrawal) Act 2018 (as amended from time to time, the EUWA).

References on this website to Regulations, Directives and other EU legislation, including MiFID II and MiFIR , should be read, in relation to the United Kingdom, as references to such Regulations, Directives or other EU legislation as they form part of United Kingdom domestic law by virtue of the EUWA or have otherwise been implemented in United Kingdom domestic law, as appropriate.

The substance of the regulatory obligations described are in most instances unchanged and we will contact you directly if there is any impact on you as a result of retention of EU legislation into UK domestic law


This is intended to provide basic information regarding certain aspects of MiFIR and/or MiFID II and does not cover all aspects of MiFIR and/or MiFID II nor address specific requirements or obligations of either party in connection with them.

No part of this document is intended to be advice (legal or otherwise) by Lloyds Bank plc, Lloyds Bank Corporate Markets plc or Bank of Scotland plc on MiFIR and/or MiFID II, or rules and regulations promulgated as a result thereof.

Recipients should conduct their own independent enquiries and obtain their own professional, legal, regulatory, tax or accounting advice as appropriate.

Neither Lloyds Bank plc, Lloyds Bank Corporate Markets plc nor Bank of Scotland plc accepts liability for the content of this page, or for the consequences of any actions taken on the basis of the information provided.

We recommend clients obtain their own advice to assist them in understanding how MiFIR and/or MiFID II will impact their business.

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