ARGUS Global Trader



The Markets in Financial Instruments Directive (“MiFID”) is one of the cornerstones of EU financial services law, setting out which investment services and activities should be licensed across the EU and the organisational and conduct standards that those providing such services should comply with.

MiFID came into force on 1st of November 2007 and was implemented in Cyprus by the European Communities (Markets in Financial Instruments) Regulations, 2007 as amended (the “MiFID Regulations”).

MiFID established a regulatory framework for the provision of investment services by investment firms and in this way established for the first time an effective single financial services market in the EEA.

The terms of MiFID made provision for a mandatory post implementation review and the European Commission (the “Commission”) published a paper consulting on amendments to MiFID in December 2010. Following that consultation period, the Commission published draft legislative proposals in the form of (i) a revised Directive which is an amendment and restatement of MiFID, (the “MiFID II Directive”) and; (ii) a new Regulation which sets out requirements relating to trade transparency and the mandatory trading of derivatives on organised venues, (the “MiFID II Regulation”).To this end, Cyprus enacted the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) implementing directives 2004/39/EC, 2006/73/EC and now 2014/65/EC of the European Parliament and of the Council on 3rd of January 2018.

MiFID impacts mainly upon the following key areas:

  • Best Execution Policy
  • Order Handling
  • Client Categorization
  • Terms of Business and Client Agreements
  • Suitability and Appropriateness Tests
  • Client notifications
  • Pre and Post Trade Transparency
  • Transaction Reporting
  • Safeguarding Client Financial Instruments and Funds; and
  • Conflicts of Interest
Provision of Services to Countries Outside EU
  • Switzerland
  • United Arabic Emirates
  • Lebanon
  • China
  • Indonesia
  • Egypt
  • Bangladesh
  • Philippines
  • Malaysia
  • Nigeria
  • Ukraine

Further MiFID II information and ARGUS Internal Policies

- Conflicts of Interest Policy [ pdf file ]

- Order Execution Policy [ pdf file ]

- Execution Quality Summary Statement [ pdf file ]

- Client Categorisation [ pdf file ])

- Complaints Handling Policy & Form [ pdf file ])

- Investor Compensation Fund [ pdf file ])

- Pillar 3 Disclosures FY 2017 [ pdf file ])

- Pillar 3 Disclosures FY 2018 [ pdf file ])

- Pillar 3 Disclosures FY 2019 [ pdf file ])

- Privacy Policy & General Data Protection Notice [ pdf file ])


- Cyprus Securities and Exchange Commission (CySEC)