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Markets in Financial Instruments Directive was transposed into Latvian legislation

12.04.2008

On 4 October 2007 (in force from 8 November 2007) amendments to the Latvian Financial Instrument Market Law were adopted concerning certain norms which had to be harmonized by February 2008. The amendments were made to implement the Markets in Financial Instruments Directive (MiFID) which allows, inter alia, establishment of alternative stock exchange with lower regulatory requirements.

In general, MiFID is designed to increase competition and enhance consumer protection in investment services. MiFID also provides for a "single passport" which allows firms covered by MiFID and authorized to provide financial services by EU member state to provide services also to customers in other member states. Firms are required to take certain steps to ensure that clients or perspective clients are aware of possible risks and outcomes related to investment services so that they would be able to make informed investment decisions.  

MiFID was transposed into Estonian legislation by the adoption of amendments to the Securities Market Act and other laws. The amendments entered into force on November 19, 2007.

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