MiFID II

The directive's definitions are still the notes on several FCA glossary entries, including retail client, market maker and direct electronic access. Article 4(1)(41) is the source of the FCA's definition of direct electronic access, including direct market access and sponsored access. Best execution in COBS 11.2A notes Article 27. The UK onshored the regime, so a UK handbook note to MiFID is a pointer to the origin of the rule, not a statement that the EU institution still supervises that UK firm. This page does not summarise the whole directive.