Regulatory framework which aims to provide uniform regulations across the European Economic Area (EEA) for the financial and investment services sector. The uniform regulations facilitate the freedom of movement for goods, services and capital across the member countries in exchange for adhering to the European Union laws and policies. A set of directives aimed at increasing cross-border investments, consumer protection and competition amongst European Union countries. Revisions to MiFID (MiFID II) were passed by the European Parliament in October 2012. The major revisions include an extension of regulation to organised trading facilities (OTFs) and new trading rules regulating high-frequency trading.