Introduction to MiFID
The Markets in Financial Instruments Directive (MiFID) is a European Directive which comes into force on 1 November 2007 replacing the existing Investment Services Directive which has regulated investment services activities in Europe since 1993. MiFID is part of the EU's Financial Services Action Plan (the FSAP) which includes the Market Abuse Directive, the Prospectus Directive and the Transparency Directive and was designated to create a single market in financial services in the European Economic Area (EEA). MiFID requires Member States to amend their national legislation with the objective of harmonising the way in which financial services and markets are regulated across the EEA. MiFID:
- Clarifies the principle of supervision by a firm's home state regulator when conducting business across European country borders
- widens the list of products that can use the MiFID passport to include commodity derivatives, credit derivatives and financial contracts for differences
- introduces more detailed rules governing organisation and the conduct of business that apply to investment firms e.g. on managing conflicts of interest
- brings in more detailed rules for how Regulated Markets and Multilateral Trading Facilities (MTFs) operate
- includes new rules on pre-trade price transparency and post-trade reporting for cash equity markets
- introduces more extensive transaction reporting requirements.
Provision of information to clients
Macquarie is required to provide certain information to our clients about our operating terms and policies such as our order execution policy and conflict of interest policy. Updates to this information will be published as required on this webpage.
MiFID requires Macquarie to obtain express consent for certain instances. Please note that we may be unable to continue to provide you with a full uninterrupted range of services if you have not given us this consent. You can return this document by any of the following methods:
Fax: +44 (0)20 3037 4303
email: mifid.compliance@macquarie.com
Post:
Risk Management Group
MiFID Compliance
Macquarie Group
Citypoint
1 Ropemaker Street
London
EC2Y 9HD
Contact Us
If you would like additional information on MiFID, please contact your usual Macquarie representative or the Macquarie MiFID Compliance Team at mifid.compliance@macquarie.com
|
