EU · MiFID II
Annex I MiFID IILISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
Lists the investment services and activities (Section A: reception and transmission, execution, dealing on own account, portfolio management, advice, underwriting and placing, and operating an MTF or OTF), the ancillary services (Section B, such as safekeeping, credit for transactions, corporate finance advice, FX connected to investment services and investment research) and the financial instruments (Section C: transferable securities, money-market instruments, fund units, the various derivatives including commodity C6, C7 and C10 contracts, and emission allowances) that define MiFID II's scope.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Directive (EU) 2019/2177 | Text deleted | by 1 Jan 2022 |
| Regulation (EU) No 909/2014 | Text amended | by 1 Jan 2023 |
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredExplicit reference · 90%
AI summaryFinancial Transmission Rights are C(10) financial instruments when traded on the secondary market, including off venue, so MiFID II applies to secondary trading platforms for them; FTRs in the primary market entered into with or by a transmission system operator are excluded.
- Q&AForwarded to the CommissionInferred · 90%
AI summaryAsks whether derivatives settled in MiCA stablecoins (asset-referenced or e-money tokens) can be financial instruments under Section C of Annex I MiFID II as cash-settled derivatives, and whether unauthorised stablecoins may be used for settlement. ESMA forwarded it to the Commission; there is no answer yet.
- Q&ARejectedInferred · 75%
AI summaryAsked whether perpetual futures offered by a Cyprus investment firm through an EU MTF fall within the 'other derivatives' (C10) category and what leverage limits apply. ESMA rejected the question, so there is no answer.
- Q&AAwaiting answerInferred · 90%
AI summaryAsks what exactly is covered by the ancillary service in Annex I, Section B(5) MiFID II (investment research, financial analysis and other general recommendations on financial instruments). The question has been published but not yet answered.
- Q&AAnsweredExplicit reference
AI summaryDerivatives on emission allowances not recognised under the EU ETS, such as UK ETS allowances, are still financial instruments under Section C(4) of Annex I MiFID II, which does not distinguish between EU ETS and other allowances.
- Q&ARejectedExplicit reference
AI summaryAsked whether a MiFID II investment firm can conduct its business as an investment activity rather than as the provision of an investment service. ESMA rejected the question, so there is no answer.
Commentary
No law-firm commentary is linked to this provision yet.
393 more documents relate to MiFID II as a whole without naming an article.
UK counterpart
UK transposition not traced in the FCA Handbook. It may sit in FSMA, the Regulated Activities Order or SI 2017/701, which are not yet mapped.
Version history
- From 1 Jan 2022
- From 17 Sept 2014 to 1 Jan 2022
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.