This book provides a comprehensive and expert examination of the Markets in Financial Instruments Directive II, which comes into force in January 2018 and will have a major impact on investment firms and financial markets. It offers detailed guidance on interpretation of MiFID II, its measure and aims which include: to increase transparency; better protect investors; reinforce confidence; address unregulated areas; and ensure that supervisors are granted adequate powers to fulfil their tasks. After a thorough overview of the various innovative features of the new legislative framework in comparison with the former MiFID, the book's chapters are grouped thematically to cover the following areas: general aspects; investment firms and investment services; trading; supervision and enforcement; and reform perspectives. Offering high-quality analysis of both the theoretical and practical aspects of MiFID II, this book is an essential guide to this major EU legislation.