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The Markets in Financial Instruments Directive (2004/39/EC) (‘MiFID’) is the successor to the Investment Services Directive. The objective of MiFID is to make it easier for investment firms to undertake investment business across the EU, whether on a cross-border basis or through branches. MiFID was implemented on 1 November 2007.

See also our MiFID Review page.


MiFID Connect

MIFID Connect is a joint project involving 11 trade associations including ICMA which is designed to support member firms and simplify the UK implementation of the Markets in Financial Instruments Directive (MiFID).

Click here to go to the MiFID Connect website.


FSA letters on waivers

8 March 2007
Managing waivers in the transition to NEWCOB’

8 March 2007
Waivers letter enclosure re NEWCOB


Related documents

CESR and national regulators (including the FSA and the AMF) have been consulting the financial services industry about aspects of the implementation of MiFID. Jointly with other associations, ICMA has been involved in preparing the following responses, which can be accessed below.

4 August 2010
Joint response to CESR Technical Advice to the European Commission in the context of the MiFID Review – Client Categorisation

22 December 2009
Joint response to CESR’s consultation paper “Inducements: Good and poor practices” (CESR/09-958)

5 December 2008
Joint response to FSA CP 08/16 Quarterly Consultation CH 5 Transaction Reporting Rules: Transactions on over-the-counter derivatives  

1 October 2008
The call for evidence received on 15th July

1 October 2008
ICMA response to call for evidence

21 November 2007
CESR's Public Consulation on the CESR MIFID Level 3 Expert Group Draft Work Plan for Q4/2007 - 2008

27 April 2007
Joint Associations' reponse to CESR's second consultation on Inducements under MiFID

21 March 2007
Letter from Commissioner McCreevy to ICMA on supervision of branches under MiFID

15 March 2007
Joint response on MiFID best execution

2 March 2007
Joint response to CESR on transaction reporting

23 February 2007
Joint follow-up response to FSA Consultation papers 06/19 and 06/20

9 February 2007
Joint response to CESR's consultation on inducements under MiFID (06-687)

9 February 2007
Joint response to CESR's consultation on the passport under MiFID (06-669)

15 January 2007
Joint Response to CESR CP Data Standards

18 December 2006
Response to CESR consultation on publication and consolidation of MiFID market transparency

28 November 2006
Joint Associations' initial response to the FSA’s Consultation Paper on Reforming Conduct of Business Regulation (CP06/19)

27 November 2006
Joint Associations' response to CESR on minimum records

31 October 2006
Joint Associations' response to FSA's CP06/14

31 October 2006
Joint Associations' response to AMF's consultation on best execution

26 September 2006
MIFID Client Classification Response

12 September 2006
Response sent to CESR on Consultation on MIFID Level 3 work

14 July 2006
ICMA, ISDA and TBMA joint response to FSA Discussion Paper 'Implementing MiFID's Best Execution Requirements'

Appendix to Annex B