MiFID, the Market in Financial Instruments Directive, is an EU Directive which has been in effect from 1 November 2007. MiFID sets forth a range of requirements for the entire European financial sector with the aim of introducing a single European market in financial instruments. Its main goal is to promote the emergence of an efficient, transparent and integrated financial trading infrastructure, including ensuring a high degree of investor protection. The Directive contains measures that changed and improved the organization and functioning of investment firms, facilitating cross border trading, while creating strategic opportunities.
Saxo Bank, as an EU-regulated bank and investment firm, falls under the MiFID’s jurisdiction and has as such implemented all necessary legal requirements, protocols and policies to ensure full compliance with the Directive. With regards to MiFID implementation for partners, Saxo Bank proactively supports them by offering a range of services, which will facilitate the partners themselves to meet their local national MiFID requirements and hence reduce costs.
The Danish Financial Supervisory Authority (Finanstilsynet) monitors the Danish banking industry’s compliance with MiFID.