The Markets in Financial Instruments Directive II (MiFID II) is a European Union legal framework that regulates financial markets and investment services. It has been applied since January 3, 2018, and it aims to enhance transparency, investor protection and market efficiency.
MiFID II replaced the original MiFID directive of 2007, broadening the field of application and introducing stricter regulations for investment services and financial markets. In Greece, MiFID II was incorporated into national legislation through Law 4514/2018.
In 2014, the Council of the European Union, adopted new rules for the enhancement of market data transparency, introducing EU-wide “consolidated trade tapes” that aggregate transaction data from various sources.
Moreover, in 2024, the UK’s Financial Conduct Authority (FCA) announced changes that allow asset managers greater flexibility in the payment method for investment research, enabling bundled payments for research and transaction execution.