The Markets in Financial Instruments Directive (MiFID) is one of the cornerstones of EU financial services law and has been in force since November 2007. Adopted in accordance with the so called EU Lamfalussy process it consists of a Framework Directive (Directive 2004/39/EC and hereafter called the Framework Directive) and two implementing measures, an implementing Directive (Directive 2006/73/EC) and an implementing Regulation (Regulation No 1287/2006).
MiFID applies to the EU and EEA member states which are collectively referred to as the “EU” in this briefing. There are currently 27 EU member states: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. The three EEA member states are: Iceland, Norway and Liechtenstein.