Markets in Financial Instruments
The Investment Services Directive (ISD) 1993 set the legislative framework for investment firms and securities markets in the EU, providing for a single passport for investment services. The Financial Services Action Plan in 1999 highlighted the need to upgrade the ISD to reflect the way markets currently operate and to make it flexible enough to respond to further market developments.
The ISD's successor, the Markets in Financial Instruments Directive (MiFID), was adopted in April 2004. Implementing measures under MiFID were adopted in August 2006. Member states have until 31 January 2007 to turn MiFID and its implementing measures into domestic legislation and rules, and are required to bring the legislation and rules into effect from 1 November 2007.
The Treasury and Financial Services Authority (FSA) will implement MiFID in the UK. The Treasury (see link below) published a consultation document on changes to legislation last December. The consultation closed on 31 March and a summary of responses to the consultation document is below.
To help firms with their planning for the implementation of MiFID, the Treasury and FSA have produced, see below, a joint implementation plan. This sets out key dates between now and 1 November 2007, and details how the Treasury and FSA will interact with industry and consumer representatives to ensure that the directive is implemented in an effective and proportionate way in the UK.
Media links
- UK discussion paper on the Commission´s review of the financial regulatory framework for commodity and exotic derivatives December 2007
- PDF file of Informal consultation on client classification transitionals
- PDF file of Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (HMSO website)
- PDF file of Explanatory memorandum for the The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006. (HMSO website)
- PDF file of Summary of responses to HM Treasury´s consultation on the implementation of MiFID
- PDF file of Joint Implementation Plan for MiFID
- PDF file of Draft Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2006 (HMSO website)
- PDF file of Draft Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2006 (HMSO website)
- PDF file of Draft Uncertificated Securities (Amendment) Regulations 2006 (HMSO website)
- PDF file of Financial Services and Markets Act 2000 (Regulated Activities)(Amendment No. 3) Order 2006 (HMSO website)
- PDF file of Financial Services and Markets Act 2000 (EEA Passport Rights)(Amendment) Regulations 2006 (HMSO website)
- PDF file of Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) (Amendment) Regulations 2006 (HMSO website)
- Explanatory memorandum to the above 6 instruments (HMSO website)
- PDF file of Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2006 (HMSO website)
- PDF file of Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (HMSO website)
- Explanatory memorandum to the above 2 instruments (HMSO website)
- PDF file of MiFID consultation feedback statement
- PDF file of MiFID Article 4 notification
- PDF file of MiFID Regulatory Impact Assessment
- PDF file of Level 1 transposition table
- PDF file of Level 2 transposition table