This practice note is one of two notes summarising the European Commission's consultation proposals to amend the requirements of the Markets in Financial Instruments Directive (2004/39/EC) and its implementing legislation, which were published in December 2010 following the Commission's review of the effectiveness of the Directive.

This note focuses specifically on the proposals relating to the scope of MiFID (including exemptions), conduct of business issues, the provision of investment services (including authorisation and organisational requirements), the sanctions regime, member state options and discretions, and third country firm equivalence.