Strasbourg, 22/12/2005 (Agence Europe) - On 13 December, the Parliament adopted at first reading the report by Piia-Noora Kauppi (EPP-ED, Finland) on the amendments to be made to Directive 2004/39/EC on the markets in financial instruments (codecision). The EP calls for the deadlines for transposition of the directive to be postponed by 18 months in all, while the Commission had initially suggested pushing the deadline forward by six months for the change in national legislation and by six more months for application of the new rules by companies (see EUROPE 8975). The directive should have been implemented from April 2006 but, given the complexity of the text, some financial services players and those of the industrial world expressed the wish to defer this date in order to adjust to the new requirements. The Parliament recommends therefore that the time should be extended by nine months followed by another nine, with entry into force deferred till 1 November 2007. The plenary thus supports the consensus found in Council. Another amendment made by the EP concerns some provisions relating to comitology. The EP restricts to two years the powers granted to the Commission in the context of this process pending examination of a system that all three institutions find appropriate.