The Markets in Financial Instruments Directive has finally been implemented in Poland, after a delay of almost two years.
Although MiFID has already been implemented by investment companies to a significant extent, its implementation means that investors will finally be entitled to the same level of protection in Poland's financial markets as they are in other EU states.
The delay in MiFID's implementation resulted from an appeal by the President to the Constitutional Tribunal against the legislation by which the changes were to be introduced. This led to ECJ proceedings being brought against Poland by the European Commission but did not speed up the implementation process.
The changes are designed to:
- strengthen protection for investors
- increase competition between financial services providers
- implement the "best execution" requirement
- increase market transparency for trading in financial instruments.
Law: amendment to the Act on Trading in Financial Instruments
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The original publication date for this article was 26/10/2009.