Glossary
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- MiFIDsearch for term
MiFID comprises two levels of European legislation. ‘Level 1’, the Directive itself, was adopted in April 2004. In several places, however, it makes provision for its requirements to be supplemented by ‘technical implementing measures’, so-called ‘Level 2’ legislation. Formal Commission recommendations for the Level 2 measures were published on February 6th 2006. The European Securities Committee agreed the text in June 2006, and the measures were formally adopted by the European Commission and published in the Official Journal on September 2nd, 2006.
In addition to extensive transaction reporting requirements, most financial firms that fall within the scope of MiFID will also have to comply with the new Capital Requirements Directive ("CRD") which will set requirements for the regulatory capital which a firm must hold. Those firms newly covered by MiFID will be subject to directive based capital requirements for the first time.">MiFID
is an acronym for the European Union's Markets in Financial Instruments Directive.
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