Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways.

In the UK, there have been changes under the EUWA on-shoring process; “quick-fix” amendments; and the beginnings of implementing the conclusions of the Wholesale Markets Review. Most recently, FSMA 2023 and the Commencement No 1 Regulations bringing in transitional amendments to UK MiFIR from 29 August 2023.

In the EU, there were also “quick-fix” amendments in response to the Covid-19 pandemic, and the EU MiFID II/MiFIR Review has resulted in a number of proposals for substantive change.