28/09/2023 (Agence Europe) – On Thursday 28 September, the European Commission called on Spain to complete transposition of the Markets in Financial Instruments Directive. An infringement procedure has been opened. Spain should have fully transposed the text by 23 March 2023. If Madrid fails to react, the Commission could decide to continue the procedure by sending a reasoned opinion. As a reminder, this directive, which updates the 2014 EU legislation on markets in financial instruments (2014/65/EU), aims to ensure that these are more transparent, efficient and provide better protection for investors, in particular through detailed transaction reporting to national authorities and the retention of data relating to all trade orders executed by investment firms. (TM)