Andrew Dobbs, TCS Financial Solutions
When introduced in 2007 by the European Commission, MiFID I was considered to be the cornerstone for financial markets regulation in the European Union, with far-reaching implications. To date, MIFID I has been responsible for regulating and authorizing the supervision of investment firms, trading venues and trading activities of financial instruments across the 28 member countries of the EU region.
The aim of MiFID I has been and, still is, to improve competitiveness across banks and to harmonize protection in European financial markets by creating a single region for all investment services.
Simply put, if a firm provides investment services then it will be subject to MiFID I via its competent authority. It has been up to individual EU countries to decide how best they will implement this directive through their own national law.
In 2011, the European Commission published its proposal for MiFID II, and the European Union has now finally set a date for the introduction of a number of new regulations that will come into force over the next few years.
Read this white paper for more on the challenges and impact of MiFID ll on the financial markets and steps to be taken by the firms to prepare for it.