Together, these pieces of legislation provide the legislative basis for the EU scheme of regulation for investment firms based in the European Economic Area (EEA) (ie the EU plus Liechtenstein, Iceland and Norway).

In October 2011 (in the context of its ongoing review of MiFID referred to as MiFID2) the EU Commission issued its long awaited formal MiFID2 legislative proposal for a recast version of MiFID and a separate Regulation referred to as MiFIR. The text of the recast version of MiFID and MiFIR were published in the Official Journal on 12 June 2014.