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Markets in Financial Instruments Directive II (MiFID II)

By Jarosław Wasiński • Published: • Updated:
MiFID II is the EU directive governing investment services and trading venues, including client classification, conduct and disclosure obligations. The accompanying MiFIR regulation contains product-intervention powers; PRIIPs is a separate disclosure framework. Retail CFD restrictions should not be treated as one universal rule applying to every product, country or client.
Example. A provider assesses a client’s knowledge and experience for an execution-only complex product. This appropriateness assessment is not the same as a suitability assessment for investment advice or portfolio management.

Keep the legal frameworks distinct

MiFID II is a directive implemented through national law. MiFIR is an accompanying regulation and contains product-intervention powers. PRIIPs provides a separate framework for key information documents. Do not attribute every investor safeguard to one directive.

Reference: ESMA: product intervention under MiFIR. Checked 8 September 2026; verify later changes before relying on jurisdiction-specific rules.

Professional classification is not automatic

An elective professional client needs a qualitative assessment as well as the relevant quantitative criteria and written procedure. Which protections or compensation arrangements remain is a separate legal question; do not assert that every professional automatically loses all recourse.

Match the assessment to the service

For non-advised complex products, appropriateness concerns knowledge and experience. Advice or portfolio management requires suitability, including financial circumstances, ability to bear losses and objectives. Passing a questionnaire neither guarantees profit nor sets a safe position size.

Primary source checked 11 October 2026: www.esma.europa.eu.

FAQ

Is a MiFID questionnaire a purchase recommendation?

No. The assessment depends on the service; passing a knowledge assessment is not personalised advice.

Are MiFID II and MiFIR one document?

No. They are connected but separate legal acts: a directive and a regulation with different duties.

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Jarosław Wasiński

Editor-in-chief, ForexMechanics.com • Macro & FX analyst

Independent analyst and practitioner with over 20 years of experience in financial markets. Actively involved in Forex since 2007, with a focus on fundamental analysis, OTC market structure, and disciplined capital risk management.

  • Creator and editor-in-chief of MyBank.pl, providing reliable financial education since 2004.
  • Author of hundreds of in-depth market commentaries, structural analyses, and educational materials for traders and investors.
  • Advocate for market transparency, promoting education grounded in hard data and institutional reports (BIS, ESMA, CFTC).

All content is educational and informational only – it does not constitute investment advice or a recommendation. Remember: leveraged trading (Forex/CFD) carries a high risk of rapid capital loss.