> ## Documentation Index
> Fetch the complete documentation index at: https://docs.fizen.io/llms.txt
> Use this file to discover all available pages before exploring further.

# MiFID II (European Union)

> How the EU Markets in Financial Instruments Directive applies to tokenized securities offered in the EU.

**MiFID** (the Markets in Financial Instruments Directive, now MiFID II, Directive 2014/65/EU) is the European Union framework that regulates financial services, protects investors and promotes transparency in securities trading.

For tokenized assets offered in the EU market:

* they must be distributed through registered platforms that comply with MiFID II;
* information on the product, its costs, its risks and investor rights must be transparent;
* there must be mechanisms for dispute resolution and for supervising distribution.

## What this means for you

> [!NOTE]
>
> Where a token counts as a "financial instrument" under MiFID II, it falls outside the MiCA crypto-asset regime and is governed by MiFID II and national law. **Fizen does not provide investment services under MiFID II and is not authorised as an investment firm in any EEA member state.** See section 12 of the [Tokenized Securities Terms](https://docs.fizen.io/tokenized-rwa.md).

If you are in the EEA, check whether you can lawfully buy and hold a token where you live before you trade.


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