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Technically known as the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU is a legal act of the European Union that sets forth a harmonized legal framework for the provision of investment services and activities within the Member States of the European Economic Area. Its main objectives are to improve the financial markets’ competitiveness by creating a single market for investment services and activities, increase transparency of the financial markets and ensure high degree of investor protection.

Allowances (EUAs, EUAAs) are considered financial instruments under MiFID II and hence fall under its scope. However, the directive provides for exceptions, thus not all entities trading in allowances require authorization (MiFID license).