As of 1 November 2007, the EU Directive on Markets in Financial Instruments (MiFID) was implemented into Austrian law. The MiFID defines a uniform set of rules for investment services for the European Economic Area. The main objectives of the MiFID are to heighten market transparency, to strengthen competition among providers of financial services and thus improve investor protection.
The directive has led to a greater integration on EU financial markets. However, rapid technological progress, complexity and change of financial markets as well as experiences during the financial crisis gave rise to an extensive review. It led to the adoption of MiFID II in 2014. Apart from a more efficient and more resistant design of market structures and an increase of transparency, investor protection is also further improved. The new directive has to be implemented by Member States until July 2016 and shall be applied from January 2017 onwards, whereas currently an extension of the deadline until the beginning of 2018 is envisaged.