Directive 2004/39 / EC on markets in financial instruments
 Directive 2004/39 / EU |
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|---|---|
| Title: | Directive 2004/39 / EC of the European Parliament and of the Council of April 21, 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 |
| Designation: (not official) |
MiFID Financial Market Directive; MiFID I |
| Scope: | EEA |
| Basis: | TEU , in particular Art. 47 Art. 251 |
| Procedure overview: |
European Commission European Parliament IPEX Wiki |
| Date of issue: | April 21, 2004 |
| Release date: | April 30, 2004 |
| Come into effect: | January 31, 2007 |
| To be used from: | November 1, 2007 |
| Implemented by: | Financial Market Directive Implementation Act (Germany) |
| Replaced by: | Directive 2014/65 / EU (MiFID II) |
| Expiry: | 2nd January 2018 |
| Reference: | OJ L 145 of April 30, 2004, pp. 1-44 |
| Full text |
Consolidated version (not official) basic version |
| Regulation has expired. | |
| Please note the information on the current version of legal acts of the European Union ! | |
The Directive 2004/39 / EC on markets in financial instruments , short MiFID is a Directive of the European Union (EU) to harmonize the financial markets in the European single market . It is often referred to as MiFID , the acronym for Markets in Financial Instruments Directive . The goals are more investor protection , increased competition and harmonization of the European financial market.
On January 3, 2018, Directive 2004/39 / EC was replaced by Directive 2014/65 / EU .
background
At the end of April 2005 the applicability of the directive was extended to the entire EEA . At the beginning of February 2006, the European Commission published drafts for the implementation measures of the directive, the European Parliament approved an extension of the deadline for implementation, according to which the member states had to bring the MiFID and the implementing directive into force by January 31, 2007 at the latest. The regulations themselves had to apply from November 1, 2007 at the latest.
The implementation in national law took place in Germany with the Financial Market Directive Implementation Act in conjunction with the Investment Services, Conduct and Organization Ordinance .
MiFID is a key point in the European Commission's Financial Services Action Plan (FSAP ).
As a basis for the conception of the MiFID one can see the objective that investors - both private and organized - are enabled to invest more easily within the EU, but also across its borders. Investment services are also made easier. The European Commission is also trying to create a competitive market that promotes the same conditions for all European trading venues. These efforts include safeguards for consumers as well as investors.
Purpose and content
The existing national regulations for the processing of financial services are to be expanded with provisions on investor protection , improved transparency of the financial markets and the integrity of financial service providers. The main regulations concern:
- Suitability (English suitability ) - the suitability of an investment recommendation in the context of market expectations and the risk profile of an investor
- Appropriateness (English appropriateness ) - the suitability of an investment recommendation in the context of experience and understanding horizon of an investor
- Best Mode (English best execution ) - the obligation for investment firms to select those execution venues on which the consistently best result, the likelihood of execution and the speed of execution can be displayed to their customers in terms of cost.
- Documentation and archiving - The financial market transactions must be documented and archived in such a way that compliance with Best Execution and other MiFID provisions can be demonstrated to the supervisory authorities.
- Granting of Advantages - If an investment firm grants or receives advantages in brokering a deal, it will act dishonestly under the Directive if it does not disclose these advantages to the client. This primarily affects portfolio commissions and retrocessions ( kick-backs ).
To be replaced in 2018 by a new directive
Since January 3, 2018, Directive 2004/39 / EC has been replaced by the revised Directive 2014/65 / EU . For the background to the new version, see Directive 2014/65 / EU on markets in financial instruments .
literature
- Peter Clouth, among others: MiFID Practitioners' Handbook. Bank-Verlag , Cologne 2007, ISBN 978-3-86556-158-9 .
- Andreas von Böhlen (Ed.): MiFID Compendium. Springer-Verlag , 2008, ISBN 978-3-540-78815-7 .
Individual evidence
- ↑ MiFID II is officially postponed to January 2018 , finanzen.net, April 8, 2016.
- ↑ Directive 2014/65 / EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments and amending Directives 2002/92 / EC and 2011/61 / EU
- ↑ Decision of the EEA Joint Committee No. 65/2005 of April 29, 2005 amending Annex IX (Financial Services) to the EEA Agreement , accessed on August 29, 2019
