EU commission urges member states to implement MiFID more rapidly

On Tuesday the EU comission started to take legal proceedings against 24 EU member states on the grounds that those states failed to enact MiFID according to the set deadlines (see also Weblog entry of 20.04.07: EU states could face rebuke for implementation delay of MiFID ). So far only Great Britain, Ireland and Romania announced the complete implementation of the directive. The directive will come into force on 1st November 2007 and the deadline for legal implementation already expired on 1st January.

EU internal market commissioner Charlie McCreevy has recently sent a letter to the finance ministers of the defaulting states, in which he expressed his great concern and required that MiFID should be on the top of their political agenda. In a press release issued on Tuesday McCreevy further reminded that more delays could harm the competitivity of banks and European securities firms. On the other hand McCreevy confirmed that most of the states committed to implement MiFID in May, June or July.

Source: Neue Z├╝rcher Zeitung





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