What is MiFID

The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation for the provision of the requirements regarding the way investment services are provided across the European Economic Area, including the requirement to provide our clients with information on the way in which we provide services.

MiFID  was incorporated into Cypriot Law by the Investment Services and Activities and Regulated Markets Law (N 144(I)/2007), on 1st of November 2007.The Central Bank of Cyprus and the Cyprus Securities Exchange Commission have issued several directives with respect to the requirements of this Law.

The recent international financial crisis has revealed weaknesses in the functioning and transparency of financial markets. Specifically it revealed the need for strengthening the transparency framework, better protection of investors, and addressing non-regulated investment sectors.

On 15th of May 2014 the European Union issued the Directive on the Markets in Financial Instruments Directive, 2014/65/EU, ("MiFID II") and the Market in Financial Instruments Regulation 600/2014 ("MiFIR"), which amend the existing Directive and are expected to significantly alter the landscape of financial markets.

The revised Directive and Regulation are currently set to take effect in January 2018, a year later than originally planned.

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