The MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (600/2014) (MiFIR) repealed and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).

Together, the MiFID II Directive and MiFIR form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.

This note discusses the requirements in Articles 23 and 28 of MiFIR for certain persons to trade specified classes of shares and derivatives only on regulated venues.