MiFID II compliance for SME platform.
Markets in Financial Instruments Directive II (Directive 2014/65/EU). Enforced from 2018-01-03. Supervised by ESMA + national competent authorities. Coreal generates the evidence pack automatically on every Minctrl build — see /security-compliance for the full posture.
What this regulation covers.
Authorisation of investment firms, pre-trade logging, best execution, transaction reporting (MIFIR).
For a SME platform, the salient angles are: Merchant onboarding KYB (beneficial ownership, ML risk); Sub-merchant aggregation under acquiring rules; Tier-2 sanctions screening per merchant + transaction. Primary licence: PI for payment services; partner-acquirer for cards.
- Art. 16 — Organisational requirements
- Art. 17 — Algorithmic trading controls
- Art. 25 — Suitability and appropriateness
- Art. 27 — Best execution
What lands in the regulator file.
All items journaled, replayable, 7-year retention.
Which MiFID II articles apply to a sme?
Primarily: Art. 16 — Organisational requirements; Art. 17 — Algorithmic trading controls; Art. 25 — Suitability and appropriateness. The full mapping is in the Coreal compliance posture document — see /security-compliance.
What evidence does Coreal generate per audit?
Pre-trade log (timestamped at microsecond resolution); Best-execution policy + venue analysis (RTS 27/28 reports); Transaction reports (MIFIR Art. 26). The Minctrl pipeline produces this artefact set automatically on every build — see /company §05 'How we ship'.
What are the penalties for non-compliance?
Up to €5M or 10% of turnover (Member State variation); criminal liability for senior management on wilful breach.
Bring the perimeter,
leave with a brief.
Read the Wave-1 runbook first.
The full 90-day launch sequence — phases, partner-bank gates, who signs off when. No form to read it.
Read the runbook →INDICATIVE DATA · Numbers and timelines reflect public regulator filings, vendor documentation and our own delivery experience. Per-engagement values vary with operator profile, BSS vintage and regulatory perimeter. Engage early for a fitted estimate under NDA.