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Policy

Securities markets

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MiFID/MiFIR

The Markets in Financial Instruments legislation (split into the MiFID Directive and the MiFIR Regulation) covers both business conduct and organisational requirements for investment firms, as well as authorisation requirements for public markets and rules on the admission of financial instruments to trading. The MiFID/MiFIR framework was most recently revised in 2014 and current rules entered into force in January 2018. Importantly, capital requirements and remuneration rules for MiFID investment firms are detailed in the Investment Firms Regulation/Directive and not in the MiFID/MiFIR framework. 

How does it affect private equity?

MiFID rules apply directly to Invest Europe members who operate under a MiFID license, such as advisers/arrangers or AIFMs with a so-called MiFID "top-up". 

Although the majority of private equity managers are not MiFID entities, the MiFID framework also has implications for the whole private equity industry, given its wide scope and the extent to which other pieces of legislation – including the AIFMD – cross-reference its provisions. From that perspective, the issues of greatest interest to Invest Europe have been the definition of a professional client, the rules on inducements and, to a lesser extent, the MiFID third country equivalence provisions.

MIFID member guide

Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry.

Learn more

MiFID/MiFIR library

Positions & consultation responses

Response to ESMA Consultation on Sustainability in MiFID II

19 Feb 2019
Download PDF 389.14 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services

31 Jan 2016
Download PDF 474.66 KB
Positions & consultation responses

EVCA-PAE Response to Green Paper on Capital Markets Union

13 May 2015
Download PDF 1.11 MB
Positions & consultation responses

EVCA Response to ESMA Consultation Paper on MiFID II / MiFIR

03 Mar 2015
Download PDF 421.87 KB
Positions & consultation responses

EC Green Paper on Capital Markets Union

18 Feb 2015
Download PDF 235.29 KB
Positions & consultation responses

Response to ESMA Consultation on MiFID2/MiFIR

29 Aug 2014
Download PDF 458.79 KB
Positions & consultation responses

Response to ESMA consultation on draft RTS MiFID

09 Sep 2013
Download PDF 360.81 KB
Meet the team

Public Affairs

Erika Blanckaert Image

Erika Blanckaert

Public Affairs

Senior Public Affairs Manager

Simon Tosserams Image

Simon Tosserams

Public Affairs

Senior Public Affairs Officer

Christophe Verboomen Image

Christophe Verboomen

Public Affairs

Senior Public Affairs Officer

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