유럽연합 금융상품시장지침의 개정 동향과 시사점 - 투자자보호를 중심으로 -

The Markets in Financial Instruments Directive(MiFID) is an essential part in EU financial market integration. MiFID has become effective from November 2007. The main purposes of MiFID are to strengthen the competitiveness of EU financial markets and to introduce a very robust investor protection system. MiFID has contributed to further competition and better protection for investors. The aim of MiFID's review as a part of structural reforms is to establish further safety, soundness, and transparency of EU financial system. It has four main objectives: dealing with change of market structure and technical improvement in EU financial markets, fulfilling G20 consensus of the financial system, establishing the standard to improve transparency in commodity derivatives markets, and strengthening high standards for investor protection. Main elements of the review are developments in market structures and practices, transparency of markets, commodity derivative markets, investor protection, and supervision. This article focuses on Investor protection. The problems of investor protection are related to three areas: the scope of MiFID, the conduct of business rules, and the organizational requirements. In Part Ⅱ, the scope of MiFID is to apply the provision of MiFID in some investment service providers, structured deposits, and direct sales by investment firms which are currently not covered. In Part Ⅲ, conduct of business obligations deals with execution only services, investment advice, informing clients on complex products, inducements, provision of services to non-retail clients and classification of clients, liability of firms providing services, execution quality and best execution, dealing on own account and execution of client orders. MiFID establishes the general obligation for investment firms. Based on these general principles, specific conduct of business rules are further spelled out. In Part Ⅳ, authorization and organizational requirements consist of ⅰ) fit and proper criteria, ⅱ) compliance, risk management and internal audit functions, ⅲ) organizational requirements for the launch of products, operations and services, ⅳ) specific organizational requirements for the provision of the service of portfolio management, ⅴ) conflicts of interest and sales process, ⅵ) segregation of client assets, ⅶ) underwriting and placing. In Part Ⅴ, its implications for Korean financial markets : The revision of MiFID will contribute to check the validity and the interpretation for Korean Financial Investment Services and Capital Market Act.