The Markets in Financial Instruments Directive (MiFID) was issued by the European Commission in April 2004 as part of its Financial Services Action Plan.
Launching in November 2007, it's a key measure leading to the creation of a single European market in financial services, replacing the current Investment Services Directive (ISD).
MiFID has been designed to increase investor protection by encouraging greater transparency, and improve market efficiency by stimulating competition for order flow. In particular it seeks to make cross-border trading in securities in Europe simpler for financial institutions and investors by improving the 'passporting' regime previously provided under the ISD, and by extending them to new products and services.
The directive also seeks to promote competition between trading venues by recognising new types of trading venue and by creating a common best execution regime.
Factsheets
We have produced several factsheets covering different aspects of MiFID including:
MiFID overview
MiFID countdown checklist
Client classification under MiFID
Organisational Systems & Controls
If you require any assistance or have any queries regarding the implementation of MiFID, please call or send an e-mail.
Lorraine Bay
Moore Stephen LLP
St Pauls House
Warwick Lane
EC4M 7BP
020 7334 9191