MiFID II and MIFIR review

The adoption of the MiFID II / MiFIR review marks the transition to the revised Single Rulebook for securities markets. Those changes constitute an important step towards the Capital Markets Union (CMU) with more integrated and transparent EU capital markets.

This section centralises the information related to MiFID II / MiFIR review, providing an overview of the amendments and their implications, and also considering that certain elements of the revised rulebook will phase in over the coming years. 

The texts of MiFID II / MiFIR review entered into force on 28 March 2024, while the transposition deadline for the MiFID II amendments is set on 29 September 2025. The amendments introduced to Level 1 include a substantial number of Level 2 measures that are to be developed over the next 6 to 18 months. The regulatory changes will also require a number of amendments to the ESMA IT-systems and relevant MIFIR registers.

ESMA, in close coordination with the European Commission (EC), is performing a thorough assessment of the provisions that may merit further guidance and clarification for contributing to a smooth transition of the revised framework. In this context, the EC has published a communication and adopted an interpretative notice on the application of the transitional provision, which has been complemented by an ESMA statement.

During the implementation phase of MiFID II/MiFIR review, ESMA will be consulting the public on a range of technical standards that will be published sequentially in a number of consolidated consultation paper (CP) packages. The date for the entry into application of the Level 2 measures is subject to their adoption by the European Commission and approval by the European Parliament and the Council of the EU and, where needed, will also provide for an implementation period.

To support stakeholders, considering the complexity of the changes, the phased in application of some amendments and the staggered implementation of IT changes, this webpage centralises the information published in relation to MiFID II/MiFIR review. 


Public Hearings

ESMA is organising an online public hearing on revised rules following the MiFIR review on Friday 28 June 2024. More information is available on this page.