EU MiFID II / MiFIR (Directive 2014/65/EU and Regulation 600/2014)

Regulates investment services, trading venues, and investor protection across EU financial markets.

15

Rules extracted

241

Obligations decomposed

16.1x

Avg obligations per rule

🇪🇺 European Union

Jurisdiction

About this regulation

MiFID II and MiFIR together form the backbone of EU capital markets regulation. MiFID II (Directive 2014/65/EU) governs the authorization and operating conditions of investment firms, organizational requirements, conduct of business rules, investor protection, and the regulation of trading venues. MiFIR (Regulation 600/2014) establishes directly applicable rules on pre- and post-trade transparency, transaction reporting, and systematic internalisers. The combined framework covers client categorisation, best execution, product governance, inducements, algorithmic and high-frequency trading, position limits, and the operation of regulated markets, MTFs, and OTFs.

What AuditDSS covers

Source

1

Regulation

Extracted

15

Rules

Decomposed

241

Obligations

16.1x

Decomposition ratio

Each rule is decomposed into an average of 16.1 atomic obligations — the smallest testable units that can be independently violated.

Fully extracted & scored

All 241 obligations have been decomposed, titled, risk-scored, and embedded for semantic matching.

Risk scoring

Every obligation in MiFID II / MiFIR is scored across independent risk dimensions:

W

Obligation Weight

How critical within the regulatory framework

L

Violation Likelihood

How often breached in practice

E

Enforcement Evidence

Regulator enforcement history and penalties

C

Cascade Dependency

How many obligations depend on this one

Regulatory details

Full title
EU MiFID II / MiFIR (Directive 2014/65/EU and Regulation 600/2014)
Regulatory body
European Parliament and Council
Jurisdiction
🇪🇺 European Union
Document type
directive
Effective date
January 3, 2018
Issuing authority
European Parliament and Council of the European Union
Official source
View source document ↗

Who this applies to

investment firmsmarket operatorssystematic internalisersdata reporting services providersthird-country firms

Key requirements

  • authorisation of investment firms
  • organisational requirements
  • conduct of business
  • best execution
  • client categorisation
  • product governance
  • inducements
  • pre/post-trade transparency
  • trading venues (RM, MTF, OTF)
  • algorithmic/HFT trading
  • transaction reporting
  • position limits

Frequently asked questions about MiFID II / MiFIR

What is MiFID II / MiFIR?

MiFID II and MiFIR together form the backbone of EU capital markets regulation. MiFID II (Directive 2014/65/EU) governs the authorization and operating conditions of investment firms, organizational requirements, conduct of business rules, investor protection, and the regulation of trading venues. MiFIR (Regulation 600/2014) establishes directly applicable rules on pre- and post-trade transparency, transaction reporting, and systematic internalisers. The combined framework covers client categorisation, best execution, product governance, inducements, algorithmic and high-frequency trading, position limits, and the operation of regulated markets, MTFs, and OTFs.

Who does MiFID II / MiFIR apply to?

MiFID II / MiFIR applies to investment firms, market operators, systematic internalisers, data reporting services providers, third-country firms.

How many obligations does MiFID II / MiFIR contain?

AuditDSS has decomposed MiFID II / MiFIR into 241 atomic obligations from 15 rules. Each obligation is independently testable and risk-scored.

What are the key requirements of MiFID II / MiFIR?

The key requirements include: authorisation of investment firms, organisational requirements, conduct of business, best execution, client categorisation, product governance, inducements, pre/post-trade transparency, trading venues (RM, MTF, OTF), algorithmic/HFT trading, transaction reporting, position limits.

How can I assess my MiFID II / MiFIR compliance?

Upload your compliance policy to AuditDSS. The platform maps your document against all 241 MiFID II / MiFIR obligations using deterministic AI scoring — not checklists or LLM summaries. You get a risk-scored gap analysis showing exactly which obligations are covered, partially covered, or missing.

Which jurisdiction enforces MiFID II / MiFIR?

MiFID II / MiFIR is enforced in European Union by European Parliament and Council.

When did MiFID II / MiFIR come into effect?

MiFID II / MiFIR became effective on January 3, 2018.

What industry does MiFID II / MiFIR apply to?

MiFID II / MiFIR is primarily relevant to the Securities & Capital Markets industry. AuditDSS covers 98 regulations in this industry sector.

Build a MiFID II / MiFIR compliance pack

Don't have a compliance policy yet? AuditDSS generates a complete compliance pack for MiFID II / MiFIR — alone or combined with other regulations your business needs. Every clause is mapped to specific obligations.

Policy

High-level commitments and governance framework covering MiFID II / MiFIR requirements.

Procedures

Step-by-step operational procedures to implement each policy commitment.

Forms & checklists

Ready-to-use forms, registers, and checklists for day-to-day compliance operations.

Multi-regulation

Combine MiFID II / MiFIR with other regulations into a single unified compliance pack for your business.

Already have a policy? Assess it against MiFID II / MiFIR

1

Upload your document

Upload your compliance policy, program manual, or operational document. AuditDSS accepts any text-based document.

2

AI maps against 241 obligations

Your document is scored against every obligation in MiFID II / MiFIR. Each claim is mapped to the obligation tree and evaluated for coverage.

3

Risk-scored gap report

Receive every gap ranked by risk priority with remediation guidance, enforcement evidence, and cascade impact analysis.

Related regulations in Securities & Capital Markets

Assess your MiFID II / MiFIR compliance

Upload your document and get a risk-scored gap analysis against 241 MiFID II / MiFIR obligations in under 5 minutes.