After several years of MiFID I application, the securities markets regulatory framework needs to be strengthened in order to adapt it to the new market reality and to incorporate numerous improvements. Such need has been demonstrated by the financial crisis. This regulatory reform aims to contribute to the creation of a more competitive, integrated and efficient securities market within the European Union.

The new set of rules pursues, inter alia, the following three objectives:

  • To channel trading that takes place outside organised platforms (usually referred to as over-the-counter or OTC trading) to trading venues.
  • To increase transparency in the pre- and post-trading phase.
  • To introduce controls on algorithmic trading.

The main developments envisaged in the MiFID II Directive and the MiFIR Regulation (also jointly referred to as MiFID II-MiFIR) on the new structure of securities markets and the main obligations for investment firms (IFs), trading venues and data reporting services providers are described below.

Most of the changes introduced apply from 3 January 2018.

Main subject areas

Legal framework

Implementation at national level

How we can help

CNMV provides a mailbox for consultations on matters regarding MiFID II and MiFIR market and financial instrument: