What about The Markets in Financial Instrument Directive and the Czech Capital Market

The Markets in Financial Instruments Directive (MiFID), was come into force in November 2007 and broadens the scope of both services and financial instruments covered previously by the Investment Services Directive (ISD). For example, the following securities were not covered by the ISD but are included in the scope of MiFID: derivatives, commodity derivatives, credit derivatives and financial contracts for differences. MiFID sets out new and tougher requirements relating to the organisation of business in regulated firms, particucarly in areas of compliance, internal audit, risk management, outsourcing, systems and control and record-keeping. MiFID sets out new policies, processes and the conduct of business rules with clients and controls around how an investment firm works on a daily basis with clients. These rules are differ depending on the classification of the clients themselves (retail client, professional client or eligible counterparty). MiFID sets out the basic information requirements and fiduciary duties of investment firms towars their customers.