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What is the MiFID directive?

MiFID means Markets in Financial Instruments Directive, which is a European Directive that governs the provision of investment services. Said Directive came into force on 1 November 2007 and some amendments were made to it, which are known as MiFID-II and apply from 3 January 2018.

 

Its goals are:

  • Protect investors, so they understand the product they will subscribe and are aware of the risks associated to said investment, taking a decision accordingly.
  • Increase transparency and strengthen the regulatory framework of the financial instrument markets, including where trading takes place in over-the-counter markets.
  • Address areas that have not been regulated to date and ensure that supervisory agencies are endowed with the necessary powers to perform their task.

 

In order to improve protection for investors, MiFID strengthens three basic principles financial institutions must fulfil when they provide investment services to them:

  • Act honestly, impartially and professionally in their customers' best interest.
  • Provide clear unbiased information which is not misleading for their customers.
  • Provide services and offer products, taking into account customers' personal circumstances.

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