Brussels, 22/06/2005 (Agence Europe) - On Tuesday the European Commission proposed a new Directive extending by six months (until 30 October 2006) the deadline by which Member States must write into national law Directive 2004/39/EC on markets in financial instruments (“MiFID”).
Directive on markets in financial instruments (“MiFID”): Commission extends transposition deadline and continues consultation on implementing measures. The proposal also gives firms and markets another six months (until 30 April 2007) to adapt their structures and procedures to the new requirements. The Commission has at the same time launched a third stage of a consultation exercise on executing this directive by 16 August.
By agreeing an extension to these deadlines, the Commission is responding to requests by Member States and companies in the sector. In a press release, Internal Market and Services Commissioner Charlie McCreevy said: “We're always prepared to listen to the concerns of Member States and industry”. He did, however, “urge Member States to adapt their laws, and the industry its practice, ahead of the new deadlines”.
The Commission is inviting comments on its third working document on implementing legislation for MiFID. While the first working document focused on transaction reporting plus exchange of information between competent authorities and the second on organisational requirements for investment firms, this document deals mainly with issues of market transparency.
This consultation constitutes the third exercise in a four stage process. The second consultation focuses on organisation requirements (Articles 13 of the MiFID) and conflicts of interest (Article 18. It will close on 17 July 205 (EUROPE 8956).