The author of Fifteen Barriers to European Integration, Alberto Giovannini, recently said, "Mifid is certainly one of the most important reforms envisaged in European financial markets for as long as I can remember. Its philosophy is unambiguously pro-competitive; it is the philosophy of opening up markets."
The directive is set to replace Investment Services Directive (ISD), adopted in 1993, and is a core element in European Commission's financial services action plan (FSAP) to create a more integrated pan-European marketplace.
In a statement last week, the commission said that the main aims of the directive were "to foster competition and a level playing field between Europe's trading venues, and to ensure appropriate levels of protection for investors and consumers of investment services across Europe".
It has not been all plain sailing for the directive, however, since proposals were put forward in April 2004. The final implementation deadline has already been put...