Alternative Investment Management Association
The Markets in Financial Instruments Directive (MIFID) came into force on 1 November 2007. Replacing and expanding upon the Investment Services Directive, its objective was to increase the integration and efficiency of EU financial markets.
To achieve this, MiFID established a harmonised regulatory framework for the provision of investment services in financial instruments across the EU and for the operation of regulated markets by market operators.
Following the global financial crisis, the European Commission has decided to review the MiFID framework. On 20 October 2011, the European Commission adopted proposals for (i) a revised Directive and (ii) a new Regulation (MiFIR). Between them, these proposals:
In terms of the legislative process, the European Parliament voted on its amendments to the Commission’s proposals on 26 October 2012. The Council, however, has yet to reach a General Approach, so Trialogues (negotiations between the three European Institutions aimed at reaching an agreed Level 1 text) cannot yet start.
Text of MiFID 1 (April 2004)
MiFID I Implementing Regulation (September 2006)
MiFID I Implementing Directive (September 2006)
Irish Presidency Council Compromise Text of MiFID II (April 2013)
Irish Presidency Council Compromise Text of MiFIR (April 2013)
European Parliament Plenary Text - MiFID II (October 2012)
European Parliament Plenary Text - MiFIR (October 2012)
European Commission Proposed Text of MiFID 2 (October 2011)
European Commission Proposed Text of MiFIR (October 2011)