Financial instruments trading, investment services and investor protection – MiFID II and MiFIR

Basic information

The MiFID II Directive and the MiFIR Regulation on markets in financial instruments constitute a comprehensive set of rules principally aimed at improving investor protection and increasing transparency of trading activity. Harmonisation of rules provides for trading venues and investment service providers (banks and investment firms as well as portfolio management companies and alternative investment fund managers) the opportunity to operate everywhere in the Union.

Following the review, MiFIR, and to a lesser extent MiFID II, has been amended by the amendments adopted on 28 February 2024.

Application and timetable

Where applicable, the regulatory framework covers, for example, investment service providers, market operators including the trading venue maintained by them, central counterparties and data reporting services providers.

The regulatory framework began to be applied on 3 January 2018.

The MiFIR review amendments will come into force on 28 March 2024, but some of the amendments will only apply once the more detailed technical rules required by the amendments have been adopted. Transposition of the MiFID II amendments into national law must be completed by 29 September 2025.

EU regulation

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National legislation (in Finnish)
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