MiFID II 2026 Amendment: What Investment Firms Must Review

Key data

Investment service firms operating under the MiFID II framework must pay attention to a new formal amendment published on 1 September 2026. The document corrects the text of the Delegated Regulation (EU) 2017/565 —originally published in Official Journal L 87 of 31 March 2017— which establishes the organizational requirements and conditions of operation applicable to these entities.

Although this is a technical amendment, its impact is not trivial: the corrections may modify the interpretation of key obligations that directly affect the daily operations of any investment firm.

What does this regulation establish?

Delegated Regulation (EU) 2017/565 is the implementing regulation of MiFID II that specifies how investment firms must be organized and operate in the European Union. This amendment —identified as CELEX:32017R0565R(09)— corrects technical errors in that base text.

The areas of the original regulation that may be affected by the corrections include:

• Internal organizational requirements: structure, procedures and controls that investment firms must have.
• Conditions of operation: rules on how investment services must be provided.
• Conflict of interest management: obligations to identify, prevent and manage conflict situations.
• Client information requirements: what information must be provided and under what conditions.
• Definition of key terms: concepts that serve as an interpretative basis for the entire MiFID II directive.

Publication of this amendment in the Official Journal of the EU means that the corrected text replaces the original in the affected points. Companies must work with the amended version, not the version published in 2017.

Economic and operational impact

A technical amendment may seem like a minor formality, but in the MiFID II context the operational consequences are significant. Regulation 2017/565 is the reference standard for the internal organization of thousands of financial entities in Europe. Any correction to its text has a direct effect on:

• Regulatory compliance procedures: internal manuals, policies and controls must reflect the current text. If the amendment modifies any requirement, internal documents become outdated.
• Conflict of interest management: conflict of interest policies are subject to supervisory review. An interpretation based on incorrect text may generate findings in inspections.
• Client information: forms, contracts and client communications must comply with current requirements. An error in the regulatory basis may result in formal breaches.
• Cost of internal review: compliance and legal areas must dedicate resources to analyzing the scope of corrections and updating affected documentation.

No data has been published on specific sanctions linked to this amendment, but non-compliance with MiFID II organizational requirements may result in administrative sanctions by the competent national supervisors.

Who does it affect?

• Investment service firms authorized under MiFID II: investment firms, brokerage firms, portfolio management companies.
• Credit institutions that provide investment services (banks, savings banks).
• Investment fund managers that also provide MiFID services.
• Compliance officers of financial entities.
• National financial supervisors (in Spain, the CNMV) that apply and interpret the regulation.
• Financial regulation advisors and consultants that advise entities under MiFID II.
• Legal and risk departments of financial entities with investment activity.

Practical example

A Spanish brokerage firm has documented its internal compliance procedures taking as reference the original text of Delegated Regulation (EU) 2017/565 published in OJ L 87 of 2017.

Following publication of this amendment on 1 September 2026, the compliance officer must:

1. Locate the text of amendment CELEX:32017R0565R(09) on EUR-Lex.
2. Identify which articles or sections of the original regulation have been corrected.
3. Compare whether the entity's internal procedures —especially regarding conflict of interest and client information— are based on any of the corrected passages.
4. If there is a discrepancy, update the internal documents and, if appropriate, communicate the change to the commercial and customer service teams.

This process, although it does not imply a direct economic cost quantified in the regulation, does entail an internal review cost that entities must plan within their regulatory compliance calendar.

What should companies do now?

1. Access the amendment text: consult document CELEX:32017R0565R(09) on EUR-Lex and identify exactly which articles or sections have been corrected.
2. Review internal compliance procedures: verify whether manuals, policies and internal controls reference the corrected passages of the regulation.
3. Update affected documentation: if any internal procedure is based on text that has been amended, update the documents to reflect the corrected version.
4. Review conflict of interest policies: an area especially sensitive to interpretative changes resulting from technical corrections.
5. Review client information documents: contracts, forms and communications that cite or are based on the requirements of Regulation 2017/565.
6. Inform internal teams: communicate to business, legal and customer service areas any changes that affect their operations.
7. Document the review performed: keep a record of the impact analysis carried out, as evidence of due diligence in case of supervisor inspections.

Official source

Consult complete regulation on official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=CELEX:32017R0565R(09)