Directive 2014/65 / EU on markets in financial instruments

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Directive 2014/65 / EU

Title: Directive 2014/65 / EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92 / EC and 2011/61 / EU
Designation:
(not official) 		Financial Market Directive
Scope: EEA
Basis: Commission: TFUE Art. 53 Par 1
Procedure overview: European Commission
European Parliament
IPEX Wiki
Date of issue: May 14, 2014
Release date: June 12, 2014
Come into effect: 2nd July 2014
To be used from: January 3, 2018
Reference: OJ L 173 of June 12, 2014, pp. 349-496
Full text Consolidated version (not official)
basic version
Regulation has entered into force and is applicable.
Please note the information on the current version of legal acts of the European Union !

The Directive 2014/65 / EU 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 . Since January 3, 2018, it has replaced Directive 2004/39 / EC on markets in financial instruments . The directive is also known as MiFID , the acronym for Markets in Financial Instruments Directive .

background

The Financial Markets Directive (first version) was a key point in the European Commission's Financial Services Action Plan . The aim of the conception was to enable both private and institutional investors 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.

At the G20 meeting in Pittsburgh in 2009, several measures were decided. For example, standardized contracts should, if possible, be traded via trading platforms and processed via central counterparties . A higher risk capital should be required for OTC contracts not cleared through central counterparties .

These measures are implemented in the EU through several EU regulations and EU directives or changes to existing directives: Regulation (EU) No. 648/2012 (Market Infrastructure Regulation ) ("EMIR Regulation"), the change to the Financial Market Directive from Directive 2004 / 39 / EC to Directive 2014/65 / EU described here, the amendment of the Market Abuse Directive from Directive 2003/6 / EC to Directive 2014/57 / EU , the amendment of the Capital Adequacy Regulation to Regulation (EU) No. 575/2013 and the new European Financial Market Regulation (Regulation (EU) No. 600/2014).

The regulations of the new Financial Market Directive and the Financial Market Ordinance correspond, especially with a view to investor protection, with the provisions of the PRIIP Regulation . The main points are in the areas of disclosure of costs, distribution and product information for investors. In terms of scope, all complex financial instruments that are not insurance products fall under both the PRIIP Regulation and the new Financial Markets Directive.

According to a press release from the EU Commission of October 20, 2011 (IP-11-1219), the financial market directive should be revised with the aim of increasing investor protection through a "ban on commissions for independent financial advice". However, this prohibition has been changed into an optional provision by the European Parliament .

On January 14, 2014, negotiators from the EU Parliament and the member states agreed on a new directive to regulate computer-controlled high - frequency trade and speculation in food. In addition, consumer protection has been strengthened by allowing the European Securities and Markets Authority (ESMA) to ban financial products and to show the costs of a financial product transparently.

Individual evidence

  1. ↑ MiFID II will be officially postponed to January 2018. In: finanzen.net. April 8, 2016, accessed August 31, 2019 .
  2. ↑ 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
  3. ↑ Financial services: Investor protection buries stock analysis. In: Frankfurter Allgemeine Zeitung . August 30, 2017. Retrieved August 30, 2017 .
  4. ↑ Interaction between MiFID II and PRIIPS. In: www.cva-services.de. Retrieved April 18, 2016 .
  5. ↑ Markus Zydra: Brussels wants to tip bank commissions. In: Süddeutsche Zeitung. October 18, 2011, accessed August 31, 2019 .
  6. ↑ European Commission - press release. New rules for more efficient, resilient and transparent financial markets in Europe. In: European Commission. October 20, 2011, accessed August 31, 2019 .
  7. ↑ Procedure: 2011/0298 (COD). Stage of development in relation to document: A7-0306 / 2012. European Parliament, October 26, 2012, accessed on August 31, 2019 .
  8. ↑ Svetlana Kerschner: No commission ban: EU Parliament decides Mifid II. In: Das Investment. October 29, 2012, accessed August 31, 2019 .
  9. ↑ Markets in Financial Instruments (MiFID): Commissioner Michel Barnier welcomes agreement in trilogue on revised European rules. European Commission, January 14, 2014, accessed August 31, 2019 .
  10. ↑ EU sets narrower limits to the financial market. In: Süddeutsche Zeitung . January 15, 2014, accessed September 1, 2020 .
  11. ↑ High frequency trading. EU puts limits on food speculation. In: Handelsblatt . January 15, 2014, accessed August 31, 2019 .

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