Directive 2014/65/EU

MiFID II suggests changes to be made to its predecessor MiFID. MiFIR is the regulation created to enforce the MiFID2 directive. The date set for mandatory implementation and adherence to this directive is January 3rd, 2018.

https://www.esma.europa.eu/policy-rules/mifid-ii-and-mifir

MiFID II provisions for the establishment of Organized Trading Facilities (OTF) to close loopholes in the structure of financial markets; strengthened transparency regulations to be applicable before and after financial instruments are traded; systemic limiting of commodities speculation across the EU; increased controls for high speed electronic trading activities; and intensified investor protection.

Under MiFID II:

• Transparency Requirements will apply to non-equity instruments (bonds, derivatives)
• Allows national regulators to set caps on the number of commodity contracts which can be held
• “Sufficiently liquid” contracts, subject to the EMIR clearing obligation, must be traded on a venue.

MiFID II Text

Financial service providers in the 31 member states of the European Economic Area (the 28 Member States of the European Union plus Iceland, Norway and Liechtenstein).

https://en.wikipedia.org/wiki/Markets_in_Financial_Instruments_Directive#MiFID_II.2FMiFIR