The new Markets in Financial Instruments Directive (MiFID) came into effect last week and market participants expect countries such as Poland, Portugal and Spain, which have yet to fully adopt the reforms, to feel the greatest impact.

MiFID, which took effect on Nov. 1, creates a single securities market standard across the 30-country membership of the European Economic Area, a jurisdiction that includes the EU, as well as Iceland, Liechtenstein and Norway. MiFID replaced the Investment Services Directive (ISD) and will serve as the foundation for the 42-measure Financial Services Action Plan for building investments, by encouraging competition through greater investor protection and encouraging easier cross-border trade.

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