Markets in Financial Instruments Directive

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Timeline, MiFID II
MiFID Effective MiFID II/MiFIR Proposal Trialogue Conclusion Final Rule Issue
November 1, 2007 October 20, 2011 January 2014 TBA

The Markets in Financial Instruments Directive (MiFID) is a plan, created in 2004 and effective in 2007, to introduce changes to the regulatory framework in Europe.[1] Among its provisions were pre-and post-trade transparency through multi-lateral trading facilities and greater regulatory capital requirements. It replaced the existing Investment Services Directive (ISD).[2] Also, under MiFID, buy- and sell-side firms must prove they have provided their customers with "best execution" - including not only the price of the security but also implicit costs related to liquidity and market impact.


On October 20, 2011, the European Commission released the final proposal for an updated version of MiFID, commonly referred to as "MiFID II." For more information on the second directive and new regulation, click HERE.

References

  1. Markets in Financial Instruments Directive (MiFID). FSA. Retrieved on August 12, 2011.
  2. Markets in Financial Instruments Directive (MiFID). FSA. Retrieved on August 12, 2011.

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