On 1 November 2007, the European Union’s Markets in Financial Instruments Directive /MiFID/ came into force with the purpose to harmonize the regulations, procedures and requirements related to the financial instrument deals within the community. The adoption of the Directive has been dictated by the up swinging activity of an increasingly broad circle of investors on the financial markets, and the supply thereon of increasingly complex and diversified financial instruments and services. This makes it necessary to establish a new regulatory framework, which to encompass the wide range of services and activities provided to investors, as well as to ensure the required degree of harmonization guaranteeing the high level of protection for investors and the possibility for investment intermediaries to grant investment services throughout the entire European Community viewed as a single market.

Bulgaria, in its capacity of an EU member state, is introducing the requirements of the Markets in Financial Instruments Directive /MiFID/ into the local legislation, by way of adopting the Law of Markets in Financial Instruments and Ordinance No38 regarding the requirements towards the activities of the investment intermediaries, which – like MiFID – came into force on 1 November 2007.