Assessing the markets in financial instruments directive and its legal impact on the French capital markets

The Markets in Financial Instruments Directive (MiFID) Note 5 replaces the Investment Services Directive (ISD)Note 6 which sought to develop a European framework for investment services. But despite important developments in the early 1990s, the ISD did not achieve its full potential.MiFID must consequently achieve many objectives for the creation of a true pan-European capital market, focusing on the improvement of competition depending on the abolition of the concentration rule (part I), as well as the enhancement of investors protection to improve the position of the client (part II). Regarding these changes, it is important to analyse the legal impact ofMiFID on the French capital markets which was based on the monopole of the Exchange, abrogated the 20 of February 2007