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ARTICLE · 11 AUGUST 2017

The Implementation Of MIFID II In Cyprus

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On 7 July 2017 Law 87(I)/2017 was published in the Official Gazette of Cyprus, transposing the revised European Union Markets in Financial Instruments Directive (MiFID II) into Cyprus law.

CyprusWealth Management
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On 7 July 2017 Law 87(I)/2017 was published in the Official Gazette of Cyprus, transposing the revised European Union Markets in Financial Instruments Directive (MiFID II) into Cyprus law. The new law, which will apply in Cyprus from 3 January 2018, will introduce significant changes to the Investment Services and Activities and Regulated Markets Law of 2007 to 2016.

The original Markets in Financial Instruments Directive, commonly known as MiFID, has been in force in Cyprus since November 2007, bringing Cyprus within the European legal framework regulating the provision of investment services within the European Economic Area. The principal aim of the previous legislation was to create a single market for investment services and activities and to ensure a uniform high degree of protection for investors in financial instruments throughout the single market. The 2008 financial crisis revealed shortfalls in the regulatory regime and showed the need for increased

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