The MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (600/2014) (MiFIR) repealed and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).

Together, they 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 practice note sets out the organisational requirements for investment firms set out in Article 16 of the MiFID II Directive and the conduct of business requirements set out in Articles 23 to 30 of that Directive.

It also indicates some of the main areas where the provisions in the MiFID II Directive diverge from the previous requirements under MiFID.