This Practice Note provides information relating to the impact of brexit on the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (mifid II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together, the MiFID II regime). It summarises the approach that has been taken in relation to the MiFID II regime generally, and it also sets out key issues for specific aspects of the regime, including passporting, transparency, share and derivatives trading obligations, transaction reporting and reference data, data reporting service providers and market operators.

The European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, an ‘implementation period’) beginning on 31 January