Markets in Financial Instruments Directive, MiFID (also usually used in German; sometimes also

EU Markets in Financial Instruments Directive): Directive drawn up by the EU Commission for the purpose of integrating the financial markets of the member states; this had to be transposed into national law as of November 2007; in Germany, this was done by the Financial Markets Directive Implementation Act (FRUG). This is, as it were, a basic law for all financial service providers with far-reaching consequences for each individual institution; practically all business areas and every type of service are regulated. – See Financial Services Action Plan, Financial Markets Directive Implementation Act, gold plating, alignment of laws. – Cf. BaFin Annual Report 2005, pp. 39 ff., p. 43 f., BaFin Annual Report 2006, p. 32 (recent developments; proposals), p. 143 f. (Financial Markets Directive Implementation Act, FRUG), BaFin Annual Report 2007, p. 107 f. (main contents of the FRUG), and the respective BaFin Annual Report, Deutsche Bundesbank Annual Report 2007, pp. 95/99 (implementation of MiFID), BaFin Annual Report 2007, pp. 12 f. (entry into force of FRUG), pp. 46 f. (MiFID database; data exchange; further work), BaFin Annual Report 2009, p. 59 (impact of MiFID on secondary markets in equities), BaFin Annual Report 2011, p. 91 (EU Commission presents report on amendment of MiFID), ECB Annual Report 2012, p. 134 (recast of Markets in Financial Instruments Directive), BaFin Annual Report 2012, pp. 63 f. (individual issues of revision; future additions), BaFin Annual Report 2013, p. 164 f. (resinous trilogue negotiations).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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