Overseen by the European Parliament.

http://europa.eu/legislation_summaries/internal_market...

The Markets in Financial Instruments Directive (known as "MiFID") is a European Union law that harmonizes regulation for investment services The main objectives of the Directive are to increase competition and consumer protection in investment services. MiFID replaces the Investment Services Directive (ISD) adopted in 1993. It is a cornerstone of the EU's regulation of financial markets. It seeks to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensuring a high degree of harmonized protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products. MiFID has brought greater competition across Europe in the provision of services to investors and between trading venues. This has helped contribute to deeper, more integrated and liquid financial markets. It has also driven down costs for issuers, delivering better and cheaper services for investors, and contributing to economic growth and job creation in Europe.

MIFID FAQ

Financial service providers in the 31 member states of the European Economic Area (the 28 Member States of the European Union plus Iceland, Norway and Liechtenstein).

http://en.wikipedia.org/wiki/Mifid