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Gatekeeper Contract, Vendor & TPRM Glossary

Search common contracting language and take a deeper dive to discover what each means


MiFID II is short for the second Markets in Financial Instruments Directive. It is a European Union (EU) regulation that came into effect on January 3, 2018, and is designed to improve the transparency and efficiency of financial markets.

MiFID II requires investment firms to take several steps to improve transparency including:

  1. Recording all communications related to client orders and transactions, including phone calls and electronic communications.

  2. Improving the transparency of pricing for investment products by requiring that all costs be disclosed in a clear and understandable manner.

  3. Introducing new rules around the way research is paid for and used by investment firms.

  4. Requiring firms to take measures to prevent conflicts of interest, including separating research from other activities.

  5. Introducing new requirements for the reporting of trades.