EU states could face rebuke for implementation delay of MiFID

Within the next days EU commissioner Charlie McCreevy could serve formal notice on several EU member states which failed to enact MiFID into national law until 31st January. According to a EU website only four member states have met this legislative requirement so far - Great Britain, Ireland, Lithuania and Romania. "Theoretically," says McCreevy's spokesperson, Oliver Drewes, "this could constitute a breach of contract." Within this week the EU commission will announce their decision whether or not this would result in legal proceedings. Yet, Drewes also adds that the regulative process should be based on ''common sense''. Eight member states have already announced the MiFID implementation for June. But several other member states, such as Italy, Denmark, Spain, the Netherlands, Finland and Hungary have announced that the completion of the legislative process could only be expected after the summer holidays. France, which is currently absorbed by its current presidential election, gave no indication as to their deadline, whereas Slovenia simply announced that an exact deadline would be "impossible to define".

Source: FAZ.NET


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