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MiFID Overview
The goal of MiFID / MiFID II / MiFIR is to create an intergrated market in Financial Services within the EU.
An Investment Firm registered in one EU country has unfettered access to other EU markets; the EU Passport.
This requires that all Investment Firms meet certain minimum standards so that investors in the EU markets are not exposed to sub-standard services or malpractices.
MiFID-I Themes
1. Conduct of Business: shall always be in the best interests of the client.
2. Full Disclosure: Firms must give complete information on products, costs, risks, performance data etc.; and not engage in misleading communication in marketing.
3. Client Classification: Firms must categorise customers as Retail, Professional and Eligible Counterparties: and make suitability and appropriateness assessments.
4. Client Assets Protection and Segregation.
5. Best Execution: Firms must execute client orders at best possible prices among markets it trades on; and prove so if asked.
6.Order Execution arrangements need to conform to stated policy.
7. Prohibition on Inducements to customers: nothing to wrongfully influence investment decisions.
8. Market Transparency: Pre- and Post-Trading reporting is mandatory; across markets and trading platforms.  
9. Organisation Processes, Methods & Risk Controls must be sufficient to support MiFID principles and compliance.
MiFID-II / MIFIR Themes:
1. Market Transparency regime established under MiFID-I is extended to all products, asset classes.
2. Rules governing algorithmic trading and dark pools are now included.
3. Position limits imposed on Commodity Trading.
4. Trade Reporting acquires still greater importance: with extension to more products; more trading platforms.
5. Payment for Research: Sell-side firms must not induce customers to trade by bundling research with execution services.  
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