Revocation of retained EU law Transitional amendments Amendments to the Markets in Financial Instruments Regulation (MiFIR) and the European Market Infrastructure Regulation (EMIR) Equity markets
The predecessor of MiFID II, which was known as the Markets in Financial Instruments Directive (MiFID), was in force across the EU from 2007 to 2018 (the date from which the majority of the MiFID II framework’s requirements began to apply). MiFID provided for, among others, transparency requirements; this included, for example, how EU states should require investment firms to report on transactions, and rules for admission of financial products to trading.
	MiFID II, which replaced MiFID, also covered, among other key areas, the regulation of trading venues, with requirements being imposed on both market operators 5 and investment firms operating trading venues; those requirements concerned, for example, best execution, and the suspension and removal of financial instruments from trading. The FCA’s transposition of MiFID II involved the publishing of policy statements 6 introducing instruments to turn MiFID II requirements into FCA rules.
	In addition to MiFID II requirements brought into UK law and rules, MiFIR (which was directly applicable EU law and the other fundamental component of the MiFID II framework) contains several provisions for the regulation of trading venues, including in respect of transparency. A notable characteristic of the retained version of MiFIR in UK law is its interplay with the regulatory treatment of trading venues under FSMA 2000. Article 2(1)(13A) MiFIR introduces the definition of ‘UK regulated market’, which brings together the MiFID II concept of ‘regulated market’ with FSMA 2000’s ‘recognised investment exchanges’ (RIEs) 7 . RIEs (and therefore some MiFIR ‘regulated markets’) are exempt from the FSMA 2000 general prohibition in respect of any regulated activity which they carry on as part of the exchange’s business as an investment exchange.