MiFID II Markets Regulation
European Union2014Consumer ProtectionTax & ReportingOverview
Key Obligations
- Report all trades to regulators in near real time (transaction reporting)
- Ensure best execution for client orders across multiple venues
- Implement product governance and suitability assessments for clients
- Unbundle research and execution costs for investment advice
- Strengthen controls for algorithmic and high-frequency trading
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FAQ
What types of firms are regulated under MiFID II?
MiFID II applies to investment firms, market operators, banks offering investment services, and data reporting service providers across the EU.
What is the role of LEIs under MiFID II?
Legal Entity Identifiers (LEIs) are mandatory for identifying counterparties in transaction reporting.
How does MiFID II affect retail investors?
The directive increases transparency, requires disclosure of costs and charges, and mandates suitability assessments before selling complex products.
Are non-EU firms affected by MiFID II?
Yes. Non-EU firms providing investment services to EU clients may also need to comply with specific access and equivalence requirements.