The market in financial instruments directive and its changes on the Czech capital market

Abstract

The Markets in Financial Instruments Directive (MiFID), was came force in November 2007 and broadens the scope of both services and financial instruments covered previously by the Investment Services Directive (ISD). MiFID sets out new policies, processes and the conduct of business rules with clients and controls the way an investment firm works on a daily basis with clients. These rules are different depending on the classification of the clients themselves (retail client, professional client or eligible counterparty). MiFID sets out the basic information requirements and fiduciary duties of investment firms towars their customers. MiFID provides specific operating and conduct of business requirements for firms subject to the MiFID and seeks a more consistent application of these requirements in this country by providing a high-level of guidance. Směrnice MiFID a změny na českém kapitálovém trhu