MiFID will replace the existing Investment Services Directive, the most significant European Union legislation for investment intermediaries and financial markets since 1995. MiFID extends the coverage of the current ISD regime and introduces new and more extensive requirements to which firms will have to adapt, in particular in relation to their conduct of business and internal organisation.
MiFID is a major part of the European Union’s Financial Services Action Plan (FSAP), which is designed to create a single market in financial services. MiFID comprises two levels of European legislation. ‘Level 1’, the Directive itself, was adopted in April 2004. In several places, however, it makes provision for its requirements to be supplemented by ‘technical implementing measures’, so-called ‘Level 2’ legislation.
See full Press Release.
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