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MiFID is a European Union Directive that, like its 1993 predecessor seeks to establish conditions under which investment firms and banks that engage in the investment business can provide such service or establish branches in other Member States, based on home country authorization and supervision. The EU created MiFID to succeed 93/22/EEC because investors are now offered a more complex set of investment services and opportunities that can be exercised in more complex ways, such as online trading, use of PDAs and other mobile devices, and so forth.
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