MiFID_II_EN

8 MiFID is not new. You have been protected under the MiFID I rules since 2008 . To give an example: since 2008, financial institutions have a legal obligation to compile your investment profile. They must as- sess whether you have sufficient knowledge of and experience with investment products. As a consequence, they must match your in- vestment profile with suitable products. When providing investment advice, your financial institution is already obliged to gain an insight into your financial situation and investment objectives. It must ensure that your investment objectives can be suit- ably met through the products you ask for (this is the so-called duty of care). The principles of MiFID I remain the same as under MiFID II, but a number of provisions are strengthened . In the wake of the financial crisis, it became clear that additional protection was needed. Some investors invested in complex products without sufficient- ly understanding the product or without having a clear overview of the costs and associated charges related to the investment product. Moreover, the price of a number of investment products changed due to market value fluctuations, with the result that those products were no longer suitable for certain investors. Why was MiFID II designed?