Directive (2004/39/EC) on markets in financial instruments which was repealed and recast by the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (600/2014) (MiFIR). MiFID itself repealed the Investment Services Directive (93/22/EEC) (ISD) and came into force in the UK on 1 November 2007. Initially and through the legislative process, MiFID was referred to as the ISD2.

For an overview of MiFID, see Practice note, MiFID: overview and for further information regarding MiFID, see Practice note, A guide to PLC Financial Services' MiFID materials.