Which document primarily governs the activities covered by MIFID?

The document that primarily governs the activities covered by MIFID is the Markets in Financial Instruments Directive II (MiFID II). This directive is a key piece of legislation in the European Union aimed at regulating investment services and activities in the EU.

MiFID II significantly enhances the original MiFID framework, focusing on increasing transparency and investor protection in financial markets. It introduces more robust requirements for trading venues, greater oversight for financial firms, and provisions for client reporting. It also expands the scope of regulated activities and strengthens rules related to transaction reporting and market data transparency.

In contrast, the Financial Services and Markets Act 2000 is a piece of UK regulation that establishes the framework for financial services in the UK, while the European Market Infrastructure Regulation (EMIR) specifically addresses over-the-counter derivatives markets and the clearing of derivative transactions. The Capital Requirements Directive focuses on the capital adequacy of banks and investment firms, which is distinct from the market conduct and investor protection focus of MiFID II.

MiFID II thus serves as the comprehensive regulatory framework specifically tailored to govern the wide range of investment activities, making it the correct answer to the question.