The MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.

This note summarises the requirements relating to firms located outside the EU (third-country firms) wishing to provide investment services to clients within the EU, either by establishing a branch in the relevant EU member state or by providing services on a cross-border basis.