Do not hide behind MiFiD to give yourself credibility.
mifid is a law, it is not a regulatory body.
it takes a regulatory body to enforce the rules that are set out by mifid.
what country and regulatory body have you chosen as your regulator?
Regarding due diligence with reference to this Broker the above appears to hold water. While there is, on the AAAfx site, a link that opens a pdf of the MiFID (Markets in Financial Instruments Directive) the Broker does not advertise itself regulated in any country under any regulatory body. Without recourse to a regulatory body I can only see the client-trader covering legal costs in case of a dispute. The MiFID link on the Brokers site in term of client recourse amounts to nothing.
I don't know of any Brokers operating in the United Kingdom not regulated by the FCA (Financial Conduct Authority), previously FSA (Financial Service Authority).
Below is a list of UE Regulatory Bodies. Address:
Financial Regulation in the European Union to Help Prevent Forex Fraud
Regulatory Agencies in the European Union
The following are the primary regulating organizations for financial services providers that may include retail forex brokers operating in the following countries of the European Union:
Austria - Financial Market Authority (FMA)
Belgium - Banking, Finance and Insurance Commission (CBFA)
Bulgaria - Financial Supervision Commission of Bulgaria (FSC Bulgaria)
Cyprus – Cyprus Securities and Exchange Commission CySEC
Czech Republic - Czech National Bank
Denmark – Danish Financial Supervisory Authority (Danish FSA)
Estonia - Finantsinspektsioon
France – Autorite des Marches Financiers (AMF)
Germany – Federal Financial Supervisory Authority (BaFin)
Greece - Capital Market Commission
Hungary - Hungarian Financial Supervisory Authority
Ireland - Irish Financial Services Regulatory Authority
Italy - Commissione Nazionale per le Società e la Borsa (CONSOB)
Latvia - Financial and Capital Market Commission
Lithuania - Securities Commission of the Republic of Lithuania
Luxembourg - Commission de Surveillance du Secteur Financier (CSSF)
Malta – Malta Financial Services Authority (MFSA)
Netherlands - Authority for the Financial Markets (AFM)
Poland - Polish Financial Supervision Authority (KNF)
Portugal - Portuguese Securities Market Commission (CMVM)
Romania - Romanian National Securities Commission
Slovenia - Securities Market Agency (ATVP)
Spain - Comisión Nacional del Mercado de Valores (CNMV)
Sweden - Financial Supervisory Authority of Sweden
United Kingdom – Financial Services Authority (FSA)
Three other countries that are currently outside the European Union have also adopted the MiFID. They and their financial regulatory organizations are:
Iceland - Icelandic Financial Supervisory Authority
Liechtenstein - Financial Market Authority (Liechtenstein) (FMA)
Norway - Financial Supervisory Authority of Norway
Financial firms regulated by any of these organizations can now benefit from the MiFID’s passport program when dealing with residents of other countries.
Basically, the MiFID provides the forex market with a standardized home based regulating mechanism that services the entire European Union.
To some extent, this helps provide European based forex traders with a measure of recourse in the event that a problem should arise when dealing with their retail forex broker.