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Securities markets



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 revised in 2014 (MiFID 2/MiFIR) 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. While a targeted Covid "quick-fix" was concluded by end 2020, a partial review of the MiFID framework is expected shortly.

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

Position paper

Joint Paper on Turning startups into scaleups

03 Mar 2022
Download PDF 283.55 KB

Speech by Eric de Montgolfier at the ECMI Annual Conference 2021

02 Dec 2021
Download PDF 198.47 KB
Position paper

Open to All - Position Paper on private equity and retail investors

06 Aug 2021
Download PDF 264.14 KB
Positions & consultation responses

Response to EC Consultation on EU Retail Strategy

03 Aug 2021
Download PDF 569.17 KB
Positions & consultation responses

Response to EBA Guidelines on Variable Remuneration rules for investment firms

15 Mar 2021
Download PDF 389.79 KB

Capital Markets Union Key Performance Indicators - Third Edition 2020

28 Oct 2020
Download PDF 5.12 MB
Positions & consultation responses

Feedback on the draft Delegated Regulation on the integration of sustainability in MiFID

06 Jul 2020
Download PDF 269.51 KB
Positions & consultation responses

Feedback on the draft Delegated Directive on the integration of sustainability in MiFID

06 Jul 2020
Download PDF 291.82 KB
Positions & consultation responses

Comments on the Capital Markets Union

30 Jun 2020
Download PDF 283 KB
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Meet the team

Public Affairs

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Martin Bresson

Public Affairs

Public Affairs Director

Erika Blanckaert Image

Erika Blanckaert

Public Affairs

Senior Public Affairs Manager

Xandra Hjort Image

Xandra Hjort

Public Affairs

Public Affairs Officer

Christophe Verboomen Image

Christophe Verboomen

Public Affairs

Public Affairs Manager


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