Since November 2007, MiFID (Markets in Financial Instruments Directive (2004/39/EC)) has been the cornerstone of financial market regulation in the EU. Launched and implemented by the European Securities and Markets Authority (ESMA), the framework aims to create a highly competitive single market for investment services and activities; and ensures the standardisation of investor protection norms across all financial assets.
On January 03, 2018, ESMA rolled out the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR. The MiFID II was launched to ensure safer, fairer, and more efficient markets. It also increased the level of investor protection. This new legislative framework was adopted in Cyprus through the Cyprus Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017).