The revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) are both pieces of legislation originating from the European Commission and together, seek to provide a European-wide legislative framework for regulating the operation of financial markets in the EU. MiFID II represents a major overhaul of the existing law, building on and extending the scope of MiFID I.
The first application date of the MiFID II directive was set on the 3rd January 2017. On 10 February 2016, the European Commission announced that the application date for MiFID II and MiFIR would be extended by 12 months. This means that the entire MiFID II package will now come into effect on 3rd January 2018.