Is a legal act of the European Union that provides a legal framework for securities markets, investment intermediaries, and trading houses. The directive provides harmonised regulation for investment services of the member states of the European Economic Area. Its main objectives are to increase competition, investor protection, and level the playing field for market participants in investment services.
European Emission Allowances (EUAs) are considered a financial instrument and hence fall under the MiFID II regulation. However, not all entities operating in the EU ETS have a MiFID license.