Financial Instrument under MiFID II
German: Finanzinstrument nach MiFID II
The classification that decides whether securities law or MiCA applies to a token; national regulators have applied it inconsistently, so the assessment is instrument-specific.
Why people look this up
The gateway question for any issuance; readers want the criteria and the divergence between member states.
Auf Deutsch
Finanzinstrument nach MiFID II — Die Einordnung, die darüber entscheidet, ob auf einen Token Wertpapierrecht oder MiCA anwendbar ist; die nationalen Aufsichtsbehörden legen sie uneinheitlich aus, sodass eine instrumentenbezogene Prüfung nötig ist.
Looking for how this maps to its traditional-finance counterpart rather than a standalone definition? See the Term Bridge, which also flags where the obvious analogy is wrong.