The MiFiD is the Markets in Financial instruments Directive – or Directive 2004/39/EC.
it replaces the investment Services Directive (iSD) which was adopted in 1993.
it was agreed unanimously by the Member States and by a strong Parliamentary majority.
it is a central element of the Commission's Financial Services Action Plan (FSAP).
it is a very far-reaching piece of legislation. it sets out a comprehensive regulatory
regime covering investment services and financial markets in Europe. it contains
measures which will change and improve the organisation and functioning of investment
firms, facilitate cross border trading and thereby encourage the integration of
EU capital markets. Economists agree that this will strengthen the EU economy
significantly. At the same time, it will ensure strong investor protection, inter alia with a comprehensive set of rules governing the relationship which investment
firms have with their clients.
Implementing measures to the Markets in Financial Instruments Directive (MiFID)