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Regulatory Disclosures

Markets in Financial Instruments Directive

April, 2008

The Markets in Financial Instruments Directive (MiFID) is a European Directive which came into force on 1 November 2007 replacing the Investment Services Directive. It required Member States to amend their national legislation with the objective of harmonising the way in which financial services and markets are regulated across the European Economic Area (EEA).

MiFID:

  • Brought in more detailed rules for how Regulated Markets and Multilateral Trading Facilities (MTFs) operate; 
  • Included new rules on pre-trade price transparency and post-trade reporting for cash equity markets; 
  • Created a new regime for ‘Systematic Internalisers’ of order flow in liquid shares; 
  • Introduced more extensive transaction reporting requirements; 
  • Clarified the principle of supervision by a firm’s home state regulator when conducting business across European country borders; 
  • Widened the list of products that can use the MiFID passport to include commodity derivatives, credit derivatives and financial contracts for differences; and 
  • Introduced more detailed rules governing organisation and the conduct of business that apply to investment firms e.g. on managing conflicts of interest.

Goldman Sachs is required to provide information to our clients about our order execution policy and about the nature and risks of investments. Updates to this information will be published on this webpage.

Goldman Sachs International 

Goldman Sachs Asset Management International (GSAMI)

If you would like additional information on MiFID, please contact your usual Goldman Sachs representative or the Goldman Sachs MiFID Support Team at mifid@gs.com or on +44 20 7051 0445.