The Markets in Financial Instruments Directive (MiFID) as subsequently amended is a European Union instrument which provides a harmonised regulatory regime for investment services across the 30 member states of the European Economic Area (the 27 Member States of the European Union plus Iceland, Norway and Liechtenstein). The main objectives of the Directive are to increase competition and consumer protection in investment services. As of the effective date, 1 November 2007, it replaced the Investment Services Directive (ISD).
Bulgaria as a member country of the European Union has introduced the requirements of the MiFID through accepting the Law on the Financial Instruments Market and through changes in the Ordinance № 26 from 22.03.2006 regarding the requirements for the activities of the management companies. This is of high importance when applying the requirements of ordinance № 38 for investment intermediaries’ regulation. MiFID and the before mentioned ordinances were put into force on 01.11.2007.