MiFID

The current date for execution is November 2007, and investment firms, regulated markets and banks providing investment services or performing investment activities, will be required to modify their governance, IT systems and applications, business procedures and processes to comply.

MiFID affects investment firms, financial/credit institutions and banks operating within the EU and their relationship with professional/private clients, market operators, associated persons, entities and systems.

It is part of the greater move towards a pan-EU transparent regulated market in financial instruments. Its main objective is to harmonise rules and improve the protection, confidentiality and transparency provided to investors.
 
MiFID will have a significant impact on the financial services' sector and involve the most extensive reform ever undertaken. For example, clear and effective risk management policies and practices, all transactions (including intra-company) to be at 'best execution' prices.

If you sell / buy / process financial, insurance and/or investment services / transactions, MiFID affects you - so beware!