General Markets in Financial Instruments Regulation
Eligible counterparties: Considered to be the most sophisticated investors or capital market participants. They generally consist of investment firms, credit institutions, undertakings collective investment in transferable securities (UCITS) and their management companies, other regulated financial institutions and in certain cases, other undertakings.
MiFID II: Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (see MiFID II ).
MiFIR: Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. Encompasses the rules and guidelines on execution venues, transaction execution as well as pre- and post-trade transparency. The ‘EU MiFIR’ refers to the EU version of the Regulation. The ‘MiFIR’ is the Regulation as it has effect in the UK after IP completion day (see EU MiFIR and MiFIR ).
Reverse solicitation: Where a client initiates the provision of a service by a third country firm on their own initiative, without any promotion or advertisement of the service by the third country firm.
Third-country firms: Firms incorporated outside the EU/UK (as the context requires), whether they do, or seek to do, business by way of a branch established in the EU/UK or on a cross-border basis i.e. by providing services to persons in one jurisdiction from a place of business in another jurisdiction without any establishment in the client’s jurisdiction.
Title 8 Regime: A part of MiFIR relating to the provision of services and performance of activities by third-country firms following an equivalence decision with or without a branch.