MiFID II (the MiFID II Directive (2014/65/EU) and Markets in Financial Instruments Regulation (600/2014) (MiFIR)) forms 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 EEA. It has applied since 3 January 2018, with a small number of exceptions.

The MiFID II Directive and MiFIR each require the European Commission to review how certain aspects of the MiFID II regime are functioning and to submit a number of reports to the European Parliament and to the Council of the EU. Before drawing up any of these reports, the Commission must first consult ESMA. The Commission also consulted on wider changes to the MiFID II regulatory framework, which it followed in November 2021 with two legislative proposals on some changes to the regime.

This note tracks the Commission's and ESMA's work to fulfil their obligations to carry out the MiFID II mandated review.