This paper presents the European Financial Markets Directive 'MiFID' (Markets in Financial Instruments Directive) in its fundamental aspects. To enhance understanding of the interconnections, an introductory overview of capital market law is provided, highlighting its historical development, relevant legal sources, as well as the organization and structure of the capital market. Following a brief presentation of the European legal background and the path taken leading up to the enactment of the directive, the content of MiFID is explained in detail. Particular attention is given to the licensing requirements for securities firms, the operational requirements for these firms, and the regulations concerning investor protection. Subsequently, the reorganization of trading venues is examined, which are now classified into regulated markets, multilateral trading systems, and systematic internalizers. The collaboration of authorities and the implementation into German law is also addressed. The paper concludes with a critical analysis by the author.