Origin
In March 1997, the Directive 97/9/EC in relation to the establishment of investor compensation schemes was published. The directive, known as the Investment Compensation Scheme Directive (the ICD) is as an integral part of the framework for the establishment of a single market in financial services and stemmed from another directive, Council Directive 93/22/EEC on investment services in the securities field. The Directive 93/22/EEC, replaced by Directive 2004/39/EC on markets in financial instruments (MiFID) at the 1st of November 2007, laid down certain regulatory and prudential rules governing i
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