The Markets in Financial Instruments Directive (MiFID) replaced the Investment Services Directive (ISD).  MiFID makes changes to the regulatory framework to reflect developments in financial services and markets since the ISD was implemented.  In particular, MiFID expands the types of business that must be regulated in Ireland to include activities relating to a wider range of commodity and other non-financial derivatives. MiFID also introduces the concept of a harmonized set of rules across the EU, governing the organization of the business of an investment firm necessary to obtain authorization and rules governing the conduct of an investment firm’s investment business activities. In addition, some of the MiFID requirements are also relevant to credit institutions providing investment services or performing investment business activities.