MiFID III / MiFIR II: Key Changes, Timeline & Compliance 2025 | ADVISORI
MiFID III Updates & Changes require strategic adaptation to significant ESMA developments with Digital Finance integration, Crypto Assets regulation, and ESG compliance harmonization. As a leading AI consultancy, we develop tailored RegTech solutions for intelligent MiFID III transformation, automated regulatory adaptation, and strategic market advantages in the evolved European investment services environment with complete IP protection.
- ✓AI-optimized ESMA-compliant MiFID III transformation with European future-proofing
- ✓Automated Digital Finance integration with intelligent Crypto Assets compliance
- ✓Machine learning ESG harmonization and Sustainable Finance monitoring
- ✓AI-supported DLT Pilot Regime frameworks for Investment Services innovation
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What changes does MiFID III / MiFIR II bring for investment firms?
Why choose ADVISORI for your MiFID III implementation?
- Extensive MiFID II project experience with banks, brokers and trading venues
- Proven methodology for regulatory gap analyses and implementation projects
- Deep knowledge of ESMA guidelines and national supervisory practices
- End-to-end approach from regulatory analysis to operational implementation
Implementation deadlines approaching
The MiFIR II changes apply directly from 28 March 2025. The MiFID III Directive must be transposed into national law by 29 September 2025. The PFOF ban takes effect on 30 June 2026. Investment firms should begin their impact assessment now.
ADVISORI in Numbers
11+
Years of Experience
120+
Employees
520+
Projects
We support you systematically in analysing, planning and implementing all MiFID III and MiFIR II requirements – from regulatory gap analysis to operational implementation.
Our Approach:
Regulatory stocktaking and gap analysis against MiFID III / MiFIR II
Impact assessment on business models, IT systems and processes
Creation of a prioritised implementation plan with milestones
Support during technical and organisational implementation
Validation and sign-off of implemented requirements
"Successful MiFID III Updates & Changes implementation requires more than mere adaptation to European ESMA evolutions - it demands intelligent integration of Digital Finance requirements, Crypto Assets regulation, and ESG compliance harmonization with strategic Investment Services positioning. Our AI-supported solutions enable securities service providers not only to achieve regulatory MiFID III compliance but also to develop sustainable competitive advantages through optimized ESMA communication, predictive Sustainable Finance management, and intelligent DLT Pilot Regime harmonization. By combining deep European Investment Services expertise with advanced AI technologies, we create market leadership while protecting sensitive customer data."

Andreas Krekel
Head of Risk Management, Regulatory Reporting
Expertise & Experience:
10+ years of experience, SQL, R-Studio, BAIS-MSG, ABACUS, SAPBA, HPQC, JIRA, MS Office, SAS, Business Process Manager, IBM Operational Decision Management
Our Services
We offer you tailored solutions for your digital transformation
AI-Based ESMA-Compliant MiFID III Evolution Analysis
We use advanced AI algorithms for optimal analysis of all ESMA evolutions and MiFID III innovations and develop automated systems for smooth Investment Services compliance transformation.
- Machine learning ESMA evolution analysis with European regulatory development
- AI-supported identification of MiFID III-specific transformation requirements
- Automated harmonization of Investment Services with Digital Finance standards
- Intelligent simulation of European MiFID III compliance scenarios
Intelligent Digital Finance Integration and Crypto Assets Compliance Systems
Our AI platforms develop highly precise Digital Finance strategies with automated Crypto Assets compliance and continuous DLT optimization for Investment Services providers.
- Machine Learning-optimized Digital Finance integration and Crypto Assets frameworks
- AI-supported DLT Pilot Regime strategies and Investment Services innovation
- Intelligent Blockchain compliance integration and optimization
- Adaptive Digital Assets monitoring with continuous performance assessment
AI-supported ESG Management and Sustainable Finance Harmonization
We implement intelligent ESG compliance monitoring systems with Machine learning Sustainable Finance integration for maximum MiFID III compliance efficiency.
- Automated ESG-MiFID III harmonization and management
- Machine learning Sustainable Finance optimization
- AI-optimized Climate Risk assessment and performance integration
- Intelligent ESG forecasting with MiFID III compliance integration
Machine learning DLT Pilot Regime Frameworks
We develop intelligent systems for fully automated DLT Pilot Regime implementation with predictive Blockchain identification systems and ESMA-compliant innovation quality.
- AI-supported real-time DLT Pilot Regime monitoring
- Machine learning Blockchain innovation identification and optimization
- Intelligent DLT compliance integration with MiFID III requirements
- AI-optimized Digital Innovation recommendations
Fully Automated MiFID III Investment Services Evolution Monitoring
Our AI platforms automate MiFID III Investment Services evolution monitoring with intelligent ESMA compliance development and predictive Investment Services planning for European securities service providers.
- Fully automated Investment Services evolution monitoring according to ESMA standards
- Machine Learning-powered MiFID III compliance evolution
- Intelligent integration into Investment Services innovation planning
- AI-optimized MiFID III forecasts and ESMA action recommendations
AI-supported MiFID III Compliance Management and Investment Services Innovation
We accompany you in the intelligent transformation of your MiFID III compliance and the building of sustainable AI Investment Services capabilities for the evolved European securities services market.
- AI-optimized MiFID III compliance monitoring for all Investment Services evolutions
- Building internal MiFID III expertise and AI Investment Services innovation centers
- Tailored training programs for AI-supported Investment Services evolution management
- Continuous AI-based MiFID III optimization and adaptive ESMA management
Our Competencies in MiFID
Choose the area that fits your requirements
MiFID Algorithmic Trading defines comprehensive compliance standards for automated trading systems and ensures solid risk control while maintaining market integrity. As a leading AI consultancy, we develop tailored RegTech solutions for intelligent Pre-Trade Controls, automated Risk Management systems, and strategic Algorithmic Trading optimization with complete IP protection.
MiFID ESMA Guidelines define uniform supervisory standards and ensure harmonized application of MiFID provisions across EU member states. As a leading AI consultancy, we develop customized RegTech solutions for intelligent ESMA Guidelines implementation, automated Supervisory Convergence, and strategic compliance optimization with complete IP protection.
The MiFID II best execution obligation requires investment firms to take all sufficient steps to obtain the best possible result for clients when executing orders. We help you develop a robust execution policy, analyse and select appropriate execution venues, and establish transparent monitoring and reporting processes – from RTS 27/28 compliance to ongoing quality assurance.
MiFID II conduct of business rules establish the investor protection framework for investment firms across the EU. They define how firms must classify clients, provide investment advice, disclose costs and govern products — from suitability assessments through cost transparency to product governance. ADVISORI supports firms in the practical, auditable implementation of these obligations.
Data Reporting Services Providers (DRSPs) form the backbone of financial market transparency under MiFID II and MiFIR. As APAs, CTPs or ARMs, they ensure that transaction reports under Art. 26 MiFIR are submitted to competent authorities on time and accurately. ADVISORI advises financial institutions on selecting, connecting and maintaining compliance with these services – including the new requirements from the MiFIR Review 2026.
MiFID II Compliance Framework Implementation requires precise integration of ESMA Guidelines with national supervisory requirements and comprehensive Client Protection. As a leading AI consultancy, we develop customized RegTech solutions for intelligent MiFID II compliance, automated investment services monitoring and strategic market advantages in the European investment services environment with complete IP protection.
MiFID German Implementation requires precise transposition of European directives into German supervisory law with specific BaFin requirements and WpHG integration. As a leading AI consultancy, we develop tailored RegTech solutions for intelligent BaFin compliance, automated WpHG monitoring and strategic German MiFID optimization with complete IP protection.
Implementing MiFID II requires a structured gap analysis, clear project governance and the integration of compliance requirements into processes, systems and governance structures. ADVISORI guides your implementation project from initial assessment to an operational compliance framework.
MiFID II establishes binding protection standards for all investor categories. We support financial institutions in implementing client categorisation, inducement rules, PRIIPs key information documents, information duties and complaints handling – practical and regulatory-compliant.
Position limits under Article 57 MiFID II cap the maximum net position in commodity derivatives, aiming to prevent market abuse and ensure orderly price formation. ADVISORI supports financial institutions and trading firms in the compliant implementation of position limit requirements — from initial assessment through ongoing position management to regulatory reporting.
MiFID II and the upcoming MiFIR review present financial institutions with far-reaching compliance challenges. Our readiness assessment systematically identifies gaps across investor protection, transparency and market infrastructure – and develops a prioritised roadmap for your sustainable compliance.
Since 2018, MiFID II requires the separation of research costs from trade execution fees. Investment firms must pay for research through a Research Payment Account (RPA) or from their own resources. ADVISORI supports institutions in fully implementing unbundling requirements — from gap analysis through RPA setup to ongoing compliance monitoring.
MiFID Market Data Costs form the foundation of transparent cost structures and ensure comprehensive cost control through precise data cost analysis and regulatory transparency. As a leading AI consultancy, we develop customized RegTech solutions for intelligent cost management automation, optimized vendor relationships, and strategic Market Data Cost excellence with complete IP protection.
MiFID Market Structure defines the architecture of modern financial markets and ensures optimal market transparency through structured Trading Venue regulation and systematic Best execution requirements. As a leading AI consultancy, we develop customized RegTech solutions for intelligent market structure automation, optimized Trading Venue compliance, and strategic Market Structure excellence with complete IP protection.
Ensure your institution's long-term compliance with complex MiFID requirements through our comprehensive ongoing compliance approach. We implement solid governance structures, automated monitoring mechanisms, and proactive adaptation processes that guarantee continuous compliance and minimize regulatory risks.
Frequently Asked Questions about MiFID III / MiFIR II: Key Changes, Timeline & Compliance 2025 | ADVISORI
What is the difference between MiFID III and MiFIR II?
MiFID III (Directive 2024/790/EU) amends the existing MiFID II Directive and must be transposed into national law by EU member states by
29 September 2025. MiFIR II (Regulation 2024/791/EU) amends the MiFIR Regulation and applies directly in all EU member states from
28 March 2025. Together they form the MiFID/MiFIR review package under the EU Capital Markets Union.
What is the consolidated tape provider and when will it launch?
The consolidated tape provider (CTP) is a central data service that aggregates pre- and post-trade data from all EU trading venues, systematic internalisers and designated publishing entities into a single, continuous data stream. ESMA runs separate selection procedures for the CTP covering equities, ETFs, bonds and OTC derivatives. The bond CTP selection process was initiated in 2025. The aim is greater transparency and fair competition on execution quality.
When will payment for order flow be banned in the EU?
Payment for order flow (PFOF) will be fully banned in the EU from
30 June 2026. The transition period applies to member states that currently permit PFOF – this particularly affects neobrokers in markets like Germany. Investment firms must adjust their order routing models and inducement structures by that date.
What changes affect equity and bond transparency?
MiFIR II significantly strengthens pre- and post-trade transparency. For equities, the deferral regime is simplified and the volume threshold for dark trading (double volume cap) is revised. For bonds, a new tiered post-trade transparency regime with four deferral levels is introduced. Additionally, all trading venues and systematic internalisers must deliver their data in standardised quality to the consolidated tape provider.
What are designated publishing entities (DPE)?
Designated publishing entities (DPE) are a new publication mechanism in the revised MiFIR. Investment firms executing OTC transactions can designate a DPE to publish their post-trade data. DPEs partially replace the former approved publication arrangements (APA) and are required to make the data available to the consolidated tape provider as well.
How does MiFID III relate to the EU Capital Markets Union?
The MiFID III / MiFIR II reform is a central building block of the EU Capital Markets Union. It aims to make the European capital market more competitive, transparent and better integrated. Specifically, an EU-wide consolidated tape should improve access to market data, the PFOF ban should strengthen investor protection, and the new transparency rules should make price formation in markets more efficient.
What are the key deadlines for MiFID III and MiFIR II?
Implementation follows several stages: MiFIR II changes apply directly from
28 March 2025. The MiFID III Directive must be transposed into national law by
29 September 2025, with national provisions applying from
29 September 2026. The PFOF ban has a transition period until
30 June 2026. ESMA is working in parallel on regulatory technical standards (RTS) and guidelines that specify the details of the new requirements.
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