The Directive 2004/39/ec of the European parliament and of the Council of 21 April 2004 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 (MiFID) is an European directive which essentially aims at:
- Harmonising the regulatory framework governing the provision of investment services: the degree of harmonisation pursued by the MiFID will offer investors a high level of protection and will allow investment firms to provide their services in the entire European Economic Area, which constitutes a common market, on the basis of the surveillance exercised by their home Member State.
- Increasing transparency and competition on financial markets: by setting efficiency and transparency rules for financial markets, the MiFID aims at enhancing the quality of the services provided to clients. The competition among execution venues will make services more efficient and less expensive.s.
- Increasing the investor protection: by establishing specific rules for the different client categories, the MiFID grants clients a protection suitable to their individual characteristics.
