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The EU MiFID framework was transposed and implemented in the UK by a combination of Handbook rules, Treasury legislation, and directly applicable EU regulations.
Directive 2014/65/EU on Markets in Financial Instruments as transposed, implemented, retained, or otherwise given effect in UK domestic law (UK MiFID II rules) and Regulation (EU) 600/2014 on Markets in Financial Instruments as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) (EUWA) and regulations made under the EUWA (UK MiFIR) constitute the 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 UK.
UK MiFID II rules and UK MiFIR set out requirements relating, among other things, to:
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 2018.1
Disclaimer
This is intended to provide basic information regarding certain aspects of UK MiFIR and/or UK MiFID II rules and does not cover all aspects of UK MiFIR and/or UK MiFID II rules 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 UK MiFIR and/or UK MiFID II rules, 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 UK MiFIR and/or UK MiFID II rules impact their business.
1 https://www.legislation.gov.uk/ukpga/2018/16/contents/enacted