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The Markets in Financial Instruments Directive (2004/39/EC ) (known as "MiFID") as subsequently amended is a European Union law that provides harmonised regulation for investment services across the 31 member states of the European Economic Area (the 28 EU member state MiFID is the cornerstone of the European Commission's Financial Services Action Plan, whose 42 measures will significantly change how EU financial service markets operate. MiFID is the most significant piece of legislation introduced under the Lamfalussy procedure designed to accelerate the adopting of legislation based on a four-level approach recommended by the Committee of Wise Men chaired by Baron Alexandre Lamfalussy. There are three other "Lamfalussy Directives"—the Prospectus Directive, the Market Abuse Directive and the Transparency Directive. MiFID retained the principles of the EU "passport" introduced by the Investment Services Directive (ISD) but introduced the concept of "maximum harmonization" which places more emphasis on home state supervision. This is a change from the prior EU financial service legislation which featured a "minimum harmonization and mutual recognition" concept. "Maximum harmonisation" does not permit states to be "super equivalent" or to "gold-plate" EU requirements detrimental to a "level playing field". Another change was the abolition of the "concentration rule" in which member states could require investment firms to route client orders through regulated markets.〔This option was not taken up by all EU states.〕〔See (CESR MiFID databases ) for a list of regulated markets, multilateral trading facilities, systematic internalisers and shares.〕 The MiFID Level 1 Directive 2004/39/EC, implemented through the standard co-decision procedure of the Council of the European Union, and the European Parliament, sets out a detailed framework for the legislation. Twenty articles of this directive specified technical implementation measures (Level 2). These measures were adopted by the European Commission, based on technical advice from the Committee of European Securities Regulators and negotiations in the European Securities Committee with oversight by the European Parliament. Implementation measures in the form of a Commission Directive and Commission Regulation, were officially published on 2 September 2006.〔Under European law, a Directive has to be transposed into national law: a Regulation, on the other hand, is automatically binding throughout all member states.〕 ==Scope of MiFID== To determine which firms are affected by MiFID and which are not, MiFID distinguishes between "investment services and activities" ("core" services) and "ancillary services" ("non-core" services). More detail on the services in each category can be found in Annex 1 Sections A and B of the MiFID Level 1 Directive. If a firm performs investment services and activities, it is subject to MiFID in respect both of these and also of ancillary services (and it can use the MiFID passport to provide them to member states other than its home state). However, if a firm only performs ancillary services, it is not subject to MiFID (but nor can it benefit from the MiFID passport). MiFID covers almost all tradable financial products with the exception of certain foreign exchange trades. This includes commodity and other derivatives such as freight, climate and carbon derivatives, which were not covered by ISD. That part of a firm's business that is not covered by the above is not subject to MiFID. Celent, a financial services consultancy, estimated in 2007 that under MiFID, the three largest EU jurisdictions—France, Germany, and the UK—would surface over 100 million additional trades annually, with spending increasing as well but at a slower rate, from €38 million yearly to close to €50 million.〔()〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Markets in Financial Instruments Directive」の詳細全文を読む スポンサード リンク
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