The Markets in Financial Instruments Directive (MiFID II) is a European Union (EU) legislation for investment firms that provide certain services linked to “financial instruments” (e.g. shares, bonds, derivatives). Its aim is to improve the functioning of financial markets and strengthen investor protection. Non-European Economic Area (EEA) institutions will be impacted both, directly by virtue of having a licensed branch in the EEA, and indirectly through dealing with EEA parties, products and trading venues. In addition, branches of EEA firms operating in non-EEA countries will have to comply with certain MiFID II requirements. It is therefore critical for firms to understand the new rules and implement the necessary changes in time for the January 3, 2018 deadline.