Markets in Financial Instruments Directive

The European Directives MiFID I and II (Markets in Financial Instruments Directive) along with Markets in Financial Instruments Regulation set out a new regulatory framework for the financial instrument markets in Europe.

What is MiFID Directive?

MiFID Directive that was incorporated into the Greek legislation in 2007 and came into force on 1 November 2007, set out a new regulatory framework for investment services, aiming at enhanced investor protection, increased transparency and more efficient operation of financial markets, to the benefit of investors.

European Commission reassessed and revised the framework of MiFID I and published MiFID II Directive in 2014, broadening the scope of the initial Directive.

The new framework of MiFID II aims, among other things, at greater transparency and protection of the investors as well as more effective market operation.

MiFID IΙ Directive was incorporated into the Greek legislation on January 2018 with Law 4514/2018.

How do investors benefit?

The most important change of MiFID II Directive is higher standards of transparency and protection for the investors

MiFID provisions have an immediate positive impact on investors, as they:

  • classify investors based on their investment knowledge and experience
  • assess the suitability and appropriateness of investment services, so that the most suitable investment solution is offered to investors in order to undertake the right risk, based on their profile
  • fully inform investors about commissions
  • ensure the best possible result when executing investors’ orders
  • inform investors about the Conflict of Interest Policy of the company that provides investment services

MiFID stakeholders

MiFID Directive applies to whoever carries out transactions in investment products or receives investment services. It also applies to companies that provide investment services or manufacture and distribute investment products (Banks, Asset Management Firms etc.)

Which products does MiFID regulate?

MiFID Directive regulates all investment products, such as:


  • Equities
  • Bonds
  • Mutual Funds
  • Derivatives (Options, Futures, Swaps)
  • Structured Deposits, etc.

It does not apply to products such as Simple Deposits, Loans, Insurance products etc.

How does MiFID II affect investors?

MiFID II Directive’s provisions result in:

  • Increased transparency: Detailed information is provided to investors via quarterly statements, as well as ex-ante and ex-post transaction information about fees and commissions.
  • Higher investor protection: The “Target Market” concept is introduced in order to ensure that investors receive investment products and services that best fit their profile.
  • More extensive range of products (Structured Deposits).

How can I receive more information?

Further information is available, only in Greek, in the related material, such as:

  • Information of Investment Services
  • Policies
  • Ex-ante information for cost and charges
  • Target market of Financial Instruments

What is Systematic Internaliser?

A Systematic Internaliser is an investment firm which, on an organised, frequent, systematic and substantial basis, deals on own account when executing client orders outside a Regulated Market, a Multilateral Trading Facility (MTF) or an Organised Trading Facility (OTF), without operating a multilateral system.

Piraeus Bank, acts as a Systematic Internaliser for all Greek Government Bonds, except Exchange Traded Commodities (ETCs) and Exchange Traded Notes  (ETNs), in accordance with the criteria set by Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on Markets in Financial Instruments (MiFIR), the delegated regulations and the regulatory technical standards  that have been issued and, implements its obligations as described in the Commercial Policy.