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HandWiki. Markets in Financial Instruments Directive 2004. Encyclopedia. Available online: https://encyclopedia.pub/entry/36457 (accessed on 04 October 2026).
HandWiki. Markets in Financial Instruments Directive 2004. Encyclopedia. Available at: https://encyclopedia.pub/entry/36457. Accessed October 04, 2026.
HandWiki. "Markets in Financial Instruments Directive 2004" Encyclopedia, https://encyclopedia.pub/entry/36457 (accessed October 04, 2026).
HandWiki. (2022, November 25). Markets in Financial Instruments Directive 2004. In Encyclopedia. https://encyclopedia.pub/entry/36457
HandWiki. "Markets in Financial Instruments Directive 2004." Encyclopedia. Web. 25 November, 2022.
Markets in Financial Instruments Directive 2004
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The content is sourced from: https://handwiki.org/wiki/Finance:Markets_in_Financial_Instruments_Directive_2004

The Markets in Financial Instruments Directive 2004/39/EC (known colloquially as "MiFID") as subsequently amended is a European Union law that provides harmonised regulation for investment services across the 30 member states of the European Economic Area - the 27 EU member states plus Iceland, Norway, and Liechtenstein; the United Kingdom will continue to implement the directive during the transition period. The directive's main objectives are to increase competition and investor protection, and level the playing field for market participants in investment services. As of the effective date, 1 November 2007, it replaced the Investment Services Directive (ISD). MiFID is the cornerstone of the European Commission's Financial Services Action Plan, whose 42 measures will significantly change how EU financial service markets operate. MiFID is the most significant piece of legislation introduced under the Lamfalussy procedure designed to accelerate the adopting of legislation based on a four-level approach recommended by the Committee of Wise Men chaired by Baron Alexandre Lamfalussy. There are three other "Lamfalussy Directives"—the Prospectus Directive, the Market Abuse Directive, and the Transparency Directive. MiFID retained the principles of the EU "passport" introduced by the Investment Services Directive (ISD) but introduced the concept of "maximum harmonization", which places more emphasis on home state supervision. This is a change from the prior EU financial service legislation, which featured a "minimum harmonization and mutual recognition" concept. "Maximum harmonization" does not permit states to be "super equivalent" or to "gold-plate" EU requirements detrimental to a "level playing field". Another change was the abolition of the "concentration rule" in which member states could require investment firms to route client orders through regulated markets. The MiFID Level 1 Directive 2004/39/EC, implemented through the standard co-decision procedure of the Council of the European Union and the European Parliament, sets out a detailed framework for the legislation. Twenty articles of this directive specified technical implementation measures (Level 2). These measures were adopted by the European Commission based on technical advice from the Committee of European Securities Regulators and negotiations in the European Securities Committee, with oversight by the European Parliament. Implementation measures in the form of a Commission Directive and Commission Regulation were officially published on 2 September 2006. After its initial implementation, MiFID was intended to be reviewed. After extensive discussion and debate, in April 2014, the European Parliament approved both MiFID II, an updated version of the original MiFID law, and MiFID II's accompanying regulation, MiFIR. The directive and regulation include fewer exemptions and expand the scope of the original MiFID to cover a larger group of companies and financial products. Both MiFID II and MiFIR have been effective from 3 January 2018.

financial service lamfalussy technical advice

References

  1. "Legislation in force: MiFID I". European Commission. 18 February 2015. http://ec.europa.eu/finance/securities/isd/mifid/index_en.htm. Retrieved 12 June 2015. 
  2. "Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council". European Commission. 20 October 2011. http://ec.europa.eu/internal_market/securities/docs/isd/mifid/COM_2011_656_en.pdf. Retrieved 19 August 2015. 
  3. Neil Hume (22 March 2015). "Trafigura says European trading rules have 'little justification'". Financial Times. http://www.ft.com/intl/cms/s/0/f7a67662-cf1e-11e4-9949-00144feab7de.html. Retrieved 12 June 2015. 
  4. Walburga Hemetsberger (2008). European Banking and Financial Services Law. European Association of Public Banks. p. 67. ISBN 9782804431808. https://books.google.com/?id=2tx8ZX7S7PgC&lpg=PA67&dq=european%20parliament%20reading%20MiFID%20march%202004&pg=PA67#v=onepage&q=european%20parliament%20reading%20MiFID%20march%202004&f=false. Retrieved 19 August 2015. 
  5. "Codecision Flowchart". European Commission. 21 August 2012. http://ec.europa.eu/codecision/stepbystep/diagram_en.htm. Retrieved 13 April 2015. 
  6. "MiFID – Archives". European Commission. 18 February 2015. http://ec.europa.eu/finance/securities/isd/archives_en.htm. Retrieved 16 April 2015. 
  7. "Consultation Paper on MiFID II/MiFIR". ESMA. Archived from the original on 8 April 2015. https://web.archive.org/web/20150408232204/http://www.esma.europa.eu/content/Consultation-Paper-MiFID-IIMiFIR. Retrieved 16 April 2015. 
  8. Chris Skinner (2007). The Future of Investing in Europe's Markets after MiFID. John Wiley & Sons. ISBN 9780470517116. https://books.google.com/?id=GZv3z9Y5CI4C&printsec=frontcover#v=onepage&q&f=false. Retrieved 27 January 2015. 
  9. "COMMISSION DIRECTIVE 2006/73/EC". Official Journal of the European Union. 2006. http://eur-lex.europa.eu/LexUriServ/site/en/oj/2006/l_241/l_24120060902en00260058.pdf. Retrieved 22 January 2008. 
  10. "COMMISSION REGULATION (EC) No 1287/2006". Official Journal of the European Union. 2006. http://eur-lex.europa.eu/LexUriServ/site/en/oj/2006/l_241/l_24120060902en00010025.pdf. Retrieved 22 January 2008. 
  11. "MiFID Level 1 Directive 2004/39/EC". European Commission. 21 April 2004. http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1398325978410&uri=CELEX:02004L0039-20110104. Retrieved 16 April 2015. 
  12. "MiFID: Unraveling Post-Trade Market Dynamics | Celent". Archived from the original on 10 June 2009. https://web.archive.org/web/20090610221727/http://reports.celent.com/PressReleases/20070123/MiFIDPostTrade.asp. 
  13. Lemke and Lins, Soft Dollars, MiFID II and Other Trading Activities, §§11:4 – 11:7 (Thomson West, 2017–2018 ed.).
  14. Lemke and Lins, Soft Dollars, MiFID II and Other Trading Activities, §11:8 (Thomson West, 2017–2018 ed.).
  15. MiFID Transposition state of play European Commission http://ec.europa.eu/internal_market/securities/isd/mifid_implementation_en.htm
  16. Review of the Markets in Financial Instruments Directive (MiFID II) Government of the United Kingdom http://www.fsa.gov.uk/about/what/international/mifid
  17. MiFID implementation in France AMF-France.org http://www.amf-france.org/documents/general/7839_1.pdf
  18. "NetNames: Noms de domaine". Cesr.eu. http://www.cesr.eu/index.php?page=consultation&mac=0&id=. Retrieved 12 July 2014. 
  19. "NetNames: Noms de domaine". Cesr.eu. http://www.cesr.eu/index.php?page=hearings&mac=0&id=. Retrieved 12 July 2014. 
  20. Investment Services Directive – Markets in Financial Instruments Directive 20 October 2011 http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm
  21. Quick View: Are Emir and MiFID now delayed? 26 May 2011 https://www.ft.com/cms/s/0/47044528-8797-11e0-af98-00144feabdc0.html
  22. FT: Mifid amendment calls for commission ban to be scrapped 29 March 2012 http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm
  23. Reeve, Nick (29 March 2012). "Mifid amendment calls for commission ban to be scrapped". Financial Times. Archived from the original on 21 May 2012. https://web.archive.org/web/20120521123743/http://www.ftadviser.com/2012/03/29/regulation/eu-legislation/mifid-amendment-calls-for-commission-ban-to-be-scrapped-WmaTS7n8lHtelsl3QTQzkO/article.html. 
  24. Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP 13 January 2012 http://www.europarl.europa.eu/document/activities/cont/201202/20120215ATT38308/20120215ATT38308EN.pdf
  25. Review of the Markets in Financial Instruments Directive 20, October 2011 http://www.afme.eu/WorkArea//DownloadAsset.aspx?id=5769
  26. McGoldrick, Stephen (15 February 2012). "Making Sense of MiFID". FIXGlobal. http://fixglobal.com/home/making-sense-of-mifid. 
  27. "Investment Services | MiFID 2 | Licence Authorisation & Compliance". https://www.buckinghamcapitalconsulting.com/investmentservices-mifid. 
  28. "Commission extends by one year the application date for the MiFID II package". 10 February 2016. http://europa.eu/rapid/press-release_IP-16-265_en.htm?locale=en. 
  29. Stafford, Philip; Noonan, Laura; Murphy, Hannah (14 December 2017). "Banks lobby for reprieve on key part of Mifid II rules". Financial Times (Nikkei Company). https://www.ft.com/content/89cb1f24-e011-11e7-a8a4-0a1e63a52f9c. Retrieved 19 December 2017. 
  30. Pearlman, Elisabeth (15 December 2017). "Banks want to delay a key part of the Mifid II legislation ahead of next month's deadline". Verdict UK (GlobalData plc). https://www.verdict.co.uk/banks-mifid-ii-legislation-lei/. Retrieved 19 December 2017. 
  31. "Subscribe to read". https://www.ft.com/content/999ab1c4-f648-11e7-88f7-5465a6ce1a00. 
  32. "EUR-Lex - 02014L0065-20160701 - EN - EUR-Lex". https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20160701. 
  33. "ESMA WRITES TO EUROPEAN COMMISSION ON MIFID II/MIFIR REVIEW REPORTS". https://www.esma.europa.eu/press-news/esma-news/esma-writes-european-commission-mifid-iimifir-review-reports. 
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