The revised Markets in Financial Instruments Directive (MiFID) and the linked Markets in Financial Instruments Regulation (MiFIR) are the key pieces of EU legislation that govern the buying, selling and organised trading of financial instruments. The legislation also contains a ‘passport’ that permits firms to provide investment services cross-border and to establish branches in another EEA state on the basis of their authorisation in their ‘home’ Member State. This statutory instrument makes amendments to MiFIR, the tertiary legislation made under MiFID II and the UK legislation which implemented MiFID to ensure that the legislation continues to operate effectively at the point at which the UK leaves the EU. The SI also transfers the functions of the EU authorities to the relevant UK regulator, FCA, Bank of England or HM Treasury and also transfers responsibility for making Binding Technical Standards (BTS) under MiFID II to the relevant UK regulators. This SI also makes special provisions for EEA firms which intend to operate in the UK under the TPR by ensuring that a firm operating under the TPR will not be deemed in breach of the UK’s MiFID II rules if it can demonstrate that it complies with corresponding provisions in the EU’s MiFID II rules. The SI also disapplies certain requirements or rights for firms operating under the TPR which would be otherwise unworkable.