(This note is not part of the Instrument and does not purport to be a legal interpretation)

The Markets in Financial Instruments Directive (Directive 2014/65/EU), along with its accompanying Regulation (Regulation 600/2014/EU), collectively known as "MiFID 2", establishes requirements in respect of the provision of investment services and activities in the EU. In particular, requirements are established in respect of the authorisation and operation of investment firms, stock exchanges and other types of trading venues, and certain data reporting service providers. Credit institutions, when providing investment services, are also subject to MiFID 2.

These regulations transpose MiFID 2 into national law and will enter into force on 3 January 2018. As MIFID 2 replaces MiFID 1 (Directive 2004/39/EC), accordingly these regulations revoke the regulations transposing MiFID 1 (SI 60/2007).