Navigation path

Additional tools

Legislation in force: MiFID 1

The framework directive

MiFID is the Markets in Financial Instruments Directive (Directive 2004/39/EC). It replaced the Investment Services Directive (ISD) adopted in 1993. MiFID was adopted in April 2004 and came into force in November 2007. Its aim is to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensuring a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products.

  • Consolidated text of the Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC.

Implementing measures

In August 2006 the Commission adopted implementing measures (a directive and a regulation) to develop a number of the provisions set out in the framework directive 2004/39/EC. These measures emerged from a lengthy consultation and negotiation process. They were endorsed by the European Parliament and voted on in the ESC (European Securities Committee).

List of regulated markets

MiFID establishes a regulatory framework for the provision of investment services in financial instruments (such as brokerage, advice, dealing, portfolio management, underwriting etc.), for the operation of regulated markets by market operators and also establishes the powers and duties of national competent authorities in relation to these activities.

ESMA (European Securities Markets Agency) has collected this information among its members and will update the list on a regular basis. This database is a compilation of the information from all the national competent authorities. Some national authorities will, in addition, publish their own information separately on their websites.

Equivalence decisions for third-country markets under Art. 2a EMIR

On 1 July 2016, the European Commission adopted an equivalence decision for the designated contract markets operating under the oversight of the United States Commodity Futures Trading Commission.  Following this decision, derivatives executed by non-financial counterparties on equivalent US venues are not considered as over-the-counter for the purpose of the clearing threshold under Regulation (EU) No 648/2012 (EMIR).

Reports required by MiFID 1