Securities, Investment services and regulated markets (MiFID), Investment Services Directive/MiFID

Investment Services Directive – Markets in Financial Instruments Directive (MiFID)

20.10.2011

Commission adopts proposals for a Directive on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council, and for a Regulation on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories

21.12.2010 Annotated presentation of regulated markets and national provisions implementing relevant requirements of MIFID (Directive 2004/39/EC of the European Parliament and of the Council)
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08.12.2010 Consultation on the review of MiFID
30.07.2010 Public hearing on the “Review of the Markets in Financial Instruments Directive (MiFID)”

The European Commission (DG Internal Market and Services) held a public hearing on the review of the Markets in Financial Instruments Directive 2004/39/EC (MiFID) on 20–21 September 2010 in Brussels. The conference brought together senior policy makers, regulators, industry experts and academics.

The hearing was opened by Internal Market and Services Director General, Jonathan Faull. Keynote speeches were then given by Michel Barnier, Commissioner for Internal Market and Services, Dacian Ciolos, Commissioner for Agriculture and Rural Development, Sharon Bowles MEP, Chair of the European Parliament Economic and Monetary Affairs Committee, Carlos Tavares, Chairman of the Portuguese CMVM and of the Committee of European Securities Regulators and Michel Prada, Former Chairman of the French AMF and Chairman of the Board of Trustees of the International Valuation Standards Council.

The first day covered five panels on the main issues in the ongoing review of MiFID:

  • Derivative market reform and increasing trading on organised platforms
  • Ensuring transparency and efficiency are balanced in the trading of financial instruments
  • Changes in market structure and competition between trading venues
  • Investor protection after the crisis
  • Improving market data consolidation

The second day covered four panels specifically on commodity and exotic derivatives:

  • The outlook for commodity markets today
  • Global regulatory perspectives as regards commodity derivatives
  • Ensuring the interests of users and producers of commodities
  • The road ahead in EU energy and emission allowance markets

Practical information

11.07.2009 Annotated presentation of regulated markets and national provisions implementing relevant requirements of MiFID (Directive 2004/39/EC of the European Parliament and of the Council)
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01.12.2008 Summary of the “MiFID one year on” conference, 13.11.2008, Brussels PDFEnglish
08.11.2008 Corrigendum to the annotated presentation of regulated markets and national provisions implementing relevant requirements of MiFID (Directive 2004/39/EC of the European Parliament and of the Council)
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04.11.2008 Annotated presentation of regulated markets and national provisions implementing relevant requirements of MiFID (Directive 2004/39/EC of the European Parliament and of the Council)
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04.11.2008 MiFID Transposition Quality Check
Results of call for evidence from market participants
  • Summary of responses to DG Internal Market and Services questionnaire PDFEnglish
26.09.2008 “MiFID one year on” conference, 13.11.2008, Brussels
17.04.2008 Corrigendum to the annotated presentation of regulated markets and national provisions implementing relevant requirements of MiFID (Directive 2004/39/EC of the European Parliament and of the Council)
01.03.2008 Annotated presentation of regulated markets and national provisions implementing relevant requirements of MiFID (Directive 2004/39/EC of the European Parliament and of the Council)
29.10.2007 Investment services: entry into force of MiFID a boon for financial markets and investor protection
18.06.2007 Commission publishes a response to CESR to certain questions relating to supervision of branches PDFEnglish
26.04.2007 Commission publishes response to CESR to certain questions relating to best execution PDFEnglish
22.02.2007 Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC)
14.02.2007 New Commission website to answer stakeholder questions on Markets in Financial Instruments Directive (“MiFID”) (IP/07/183)
02.08.2006 Commissioner McCreevy discusses the objectives of MiFID in stimulating the European financial services marketplace and the opportunities and challenges for the industry (external link – requires registration).
27.04.2006 Directive 2006/31/EC of the European Parliament and of the Council of 5 April 2006 amending directive 2004/39/EC on markets in financial instruments, as regards certain deadlines, has been published.
16.03.2006 Mergers and acquisitions in the financial sector: Commission asks for industry’s views on how to improve supervisory approval process (IP/06/320)
05.12.2005 Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22/EEC)
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14.06.2005 Proposal for a directive extending the transposition and application deadlines for Directive 2004/39/EC on Markets in financial Instruments (MiFID)
PDF - 62 KBČeštinaDanskDeutschEesti keelελληνικάEnglishEspañolFrançaisItalianoLatviešu valodaLietuviµ kalbaMagyarMaltiNederlandsPolskiPortuguêsSlovenčinaSlovenščinaSuomiSvenska
12.10.2004 Annotated presentation of regulated markets and national provisions implementing relevant requirements of the investment services directive (ISD) (Council Directive 93/22/EEC) PDF - 85 KBEnglish
25.06.2004 Formal mandate to CESR PDF - 98 KBEnglish
20.06.2005 Press release: Directive on markets in financial instruments (“MiFID”): Commission extends transposition deadline and continues consultation on implementing measures
27.04.2004 Final adoption of Directive is boost for investment firms and their clients
30.03.2004 European Parliament approval of proposed Directive brings integrated capital market nearer
17.02.2004 List of regulated markets under Article 16 of the investment services directive (ISD) (Council Directive 93/22/EEC)
20.01.2004

Provisional request for technical advice on possible implementing measures on the future Directive on “Financial Instruments Markets”

  • Provisional Mandate PDF-62KBEnglish
  • Technical annex PDF-52KBEnglish
07.10.2003 Council agreement is major step towards integrated EU equities market
25.09.2003 Commission welcomes European Parliament backing for proposed Directive
19.11.2002 Proposed new Directive would protect investors and help investment firms operate EU-wide
15.10.2002 Speech of Director-General Dr. Alexander Schaub on the occasion of a Conference on European regulation of Investment Services, hosted by the Danish Presidency in Copenhagen on October 15th 2002

PDFEnglish

April 2002 Results of the hearing held on 22 April 2002
March 2002

Second consultation

  • Announcement of the second consultation to the press
  • Overview paper PDF - 94-109 KBCastellanoDeutschEnglishFrançaisItaliano
  • Revised orientation: detailed presentation PDF - 124 KBEnglish
  • See also the summary of responses to July 2001 consultation document dd. July 2001
  • Programme of the open hearing of 22 April 2002 PDF - 10 KBEnglish
Sept. 2001 Open hearing
July 2001
  • Synthesis of responses to COMM(2000)729 PDF - 124 KBEnglish
  • Announcement of the open consultation to the press
  • First open consultation & related documents
  • Summary of responses to this first consultation PDF - 124 KBEnglish
26.04.2001 Commission proposes Directive on prudential supervision of financial conglomerates
23.01.2001 Banking Supervision: reform of the capital adequacy framework
19.12.2000 Commission launches consultations on regulation of conglomerates
16.11.2000
  • Communication COM(2000)729: “Upgrading the Investment Services Directive”
  • Frequently asked questions
  • Commission urges update of current rules to spur closer market integration and improve investor protection
    • Press release
    • Communication (provisional text) PDF - 77-95 KBDeutschEnglishFrançais
    • Initial report of the Committee of Wise Men on the Regulation of European Securities Markets
  • Commission analyses application of investor protection rules
 
Legal texts
External links

Last update: 14.03.2013