MIFID
Markets in Financial Instruments Directive
The European Parliament’s Directive 2004/39/EC on markets in financial instruments (MiFID I), which applied in all the member States of the EU from 2007 to 2017, initially aimed at:
- Harmonising the regulatory framework governing the provision of investment services
- Increasing transparency and competition on financial markets
- Increasing investor protection
The European Commission has reviewed the MiFID framework. The revised legislation, called MiFID II, entered into force on 3 January 2018. MiFID II includes:
- The Directive: MiFID II – 2014/65/EU
- The Regulation: MiFIR – 2014/600/EU
The regulatory requirements for European investment firms cover mainly:
- Enhanced suitability and appropriateness tests
- Strengthened corporate governance and internal control frameworks
- Transparency on costs & charges
- Inducements acceptable in specific circumstances for non-independent investments firms, which is the case for the entities of the UBP Group subject to those rules
- Extended product governance obligations
See all regulatory information