Database on German and European Economic Law

 Regulation (EU) No 600/2014

I. Description

The Markets in Financial Instruments Directive (  MiFID), in force since November 2007, is a core pillar in EU financial market integration. Adopted in accordance with the "Lamfalussy" process1, it consists of a framework Directive (Directive   2004/39/EC)2, an implementing Directive (Directive    2006/73/EC)3 and an implementing Regulation (Regulation No 1287/2006)4.   MiFID establishes a regulatory framework for the provision of investment services in financial instruments (such as brokerage, advice, dealing, portfolio management, underwriting etc.) by banks and investment firms and for the operation of regulated markets by market operators. It also establishes the powers and duties of national competent authorities in relation to these activities.
The overarching objective is to further the integration, competitiveness, and efficiency of EU financial markets. In concrete terms, it abolished the possibility for Member States to require all trading in financial instruments to take place on specific exchanges and enabled Europewide competition between traditional exchanges and alternative venues. It also granted banks and investment firms a strengthened "passport" for providing investment services across the EU subject to compliance with both organisational and reporting requirements as well as comprehensive rules designed to ensure investor protection.

II. General Information

Title

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation  (EU) No 648/2012

Abbreviations
MiFIR
Status
Existing
Regulation
(EU) No 600/2014
Source
O.J. EU No L (Legislation), Edition 173, Year 2014, p.84
Adoption
05/15/2014
Promulgation
06/12/2014
Character
Lamfalussy Framework Act
Implementation
Legal Basis
Art. 114 Abs. 1 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text MiFIR:
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation  (EU) No 648/2012

  (EU) No 600/2014

Beschluss:
05/15/2014 (A)
Verkuendung:
06/12/2014 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
Opinion of the European Central Bank
O.J. 2012/C 161/3
Opinion of the European Economic and Social Committee
O.J. 2012/C 143/74
Opinion of the European Data Protection Supervisor
O.J. 2012/C 147/1
10/20/2011
Proposal
C(2011) 652 final

3. Comments

Datum
Stellungnahme
Textfassungen
04/16/2012
Centrum für Europäische Politik (CEP)
Comment on: Kommissionsvorschlag
01/04/2012
Aktienforum
Comment on: Kommissionsvorschlag
11/30/2011
Die Deutsche Kreditwirtschaft (DK)
Comment on: Kommissionsvorschlag
11/30/2011
Bundesverband Investment und Asset Management e.V. (BVI)
Comment on: Kommissionsvorschlag
11/29/2011
Deutsche Aktieninstitut, Bundesverband der Deutschen Industrie, Verband deutscher Treasurer (DAI, BDI, VDT)
Comment on: Kommissionsvorschlag

4. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Regulation (EU) No 648/2012

IV. Implementing / Legislative Act (Level 2)

1. Implementation

V. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
4. Legal Impact
IV. Implementing / Legislative Act (Level 2)
1. Implementation
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany