Challenges Regarding the Implementation of MiFID II

Despite the positive effects that MiFID II has had in increasing transparency and the individual investor protection, most recent studies outline the difficulties experienced in practice by the European investment firms when trying to comply with the European regulation. The most recent survey realized by CFA Institute point out to the fact that the European investment services industry has suffered, due to the introduction of the new regulation. The big players might be the only ones for which it seems to be worth remaining on the market, the small investment companies being downsized or eliminated completely. In this paper, we aim at discussing the challenges that the introduction of MiFID has brought for the Romanian investment firms, while comparing this situation with the general situation at the European level.