The Markets in Financial Instruments Directive (MiFID) was enacted by the European Commission to create a harmonised market for financial services' Conduct of Business requirements across Europe.

MiFID's aim is to harmonise the authorisation and operating conditions for credit institutions and investment firms in the European Union including for instance the performance disclosure shown in marketing material, the obligation of best execution of client's orders and setting requirements in relation to conflicts of interests.

MiFID comes into effect on November 1, 2007.

Detailed information about MiFID is available on the European Commission website.