# MiFID II

*Regulation & Compliance — Finicade finance glossary*

MiFID II is the EU framework governing investment services, in force since 2018. Its most consequential change was unbundling research from trading commissions, forcing asset managers to pay for research explicitly — which shrank research coverage of small companies substantially. It also mandated far more transparency on costs, best execution and transaction reporting.

**Also known as:** MiFID, Markets in Financial Instruments Directive

**Related terms:** [Soft Dollars](https://finicade.com/glossary/soft-dollars), [Best Execution](https://finicade.com/glossary/best-execution), [FCA](https://finicade.com/glossary/fca), [Transaction Cost Analysis](https://finicade.com/glossary/transaction-cost-analysis), [Disclosure](https://finicade.com/glossary/disclosure)

Source: https://finicade.com/glossary/mifid-ii