Which of the following is NOT covered by MIFID?

The correct choice highlights that loans secured by real estate are not covered by the Markets in Financial Instruments Directive (MiFID). MiFID primarily focuses on enhancing the transparency and efficiency of financial markets within the European Union. It specifically pertains to a range of financial instruments and investment services, ensuring investor protection and promoting fair competition among financial services providers.

Transferrable shares, derivatives on commodities, and financial Contracts for Difference (CFDs) all fall within the scope of MiFID as they are considered financial instruments. This includes equities, derivatives, and other investment products that facilitate trading in regulated markets or multilateral trading facilities.

In contrast, loans secured by real estate are classified as credit agreements rather than financial instruments. They fall under other regulatory frameworks, such as the Mortgage Credit Directive, which governs lending practices and consumer protection related to mortgage loans. Thus, this delineation clearly establishes that loans secured by real estate do not align with the provisions and objectives set forth by MiFID.