Abstract
The Markets in Financial Instruments Directive Version I (MiFID I) was adopted primarily to promote competition in financial services in the EU as a core component of the single market agenda. But its implementation, in the midst of the 2007 global financial crisis, uncovered several flaws negatively impacting investor protection and market efficiency. This inspired a review of its impact that subsequently led to MiFID II. MiFID II that came into effect on 3 January 2018 combined the revamped MiFID I and the Markets in Financial Instruments Regulation (MiFIR). Financial services market participants under its purview, while envisaging the opportunities unfolding, would also need to contend with several key challenges.
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