MiFID Directive


Acknowledging of the European Directive 2004/39/CE, known as MiFID (Markets in Financial Instruments Directive), has significantly changed the national financial landscape. The MiFID take effect on 1st November 2007 constituted an important step towards an integrated efficient and competitive financial market, in the European Union.

The Directive focus on investors’ wardship, requiring the financial actors to test the investment operations as appropriated to customer risk profile via a defined questionnaire. Furthermore the MiFID requires firms to categorize clients as “eligible counterparties”, professional clients or retail clients (these have increasing levels of protection).

Advice on investment ends to be an activity freely exercisable and it becomes an investment service subject to administrative approval and reserved to qualified intermediaries. MiFID created the Advisory Investment Firm in Italy.

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