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ARTICLE · 04 FEBRUARY 2026

MiFID Monitor Q4 2025

Dillon Eustace
Dillon Eustace
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Dillon Eustace

Dillon Eustace

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On 10 October 2025, ESMA published a statement relating to the application of certain provisions of MiFIR and the MiFID II Directive in light of amendments made under MiFIR II and the MiFID III Directive.

IrelandFinance and Banking
Keith Waine
Keith Waine
Karen Jennings
Karen Jennings
Brian McGlone
Brian McGlone
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1 MiFID II

1.1 ESMA statement on amendments made by MiFIR II and MiFID III Directive

On 10 October 2025, ESMA published a statement relating to the application of certain provisions of MiFIR and the MiFID II Directive in light of amendments made under MiFIR II and the MiFID III Directive.

The statement provides practical guidance to firms on the following:

  • Revised systematic internaliser (SI) regime;
  • The new single volume cap mechanism under MiFIR;
  • Application of amended provisions of MiFID II in relation to commodity derivatives and derivatives on emission allowances;
  • Application of revised transparency rules for bonds, structured finance products, emission allowances and equity instruments introduced under MiFIR II.

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