The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for:
Investment intermediaries that provide services to clients around shares, bonds, units in collective investment schemes and derivatives (collectively known as ‘financial instruments’), and
the organised trading of financial instruments
MiFID was applied in the UK from November 2007, but is now being revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection.
The changes are currently set to take effect from 3 January 2018, with the new legislation being known as MiFID II – this includes a revised MiFID and a new Markets in Financial Instruments Regulation (MiFIR).
Find out the latest from the FCA website: