Brussels, 02/06/2006 (Agence Europe) - On Tuesday 30 May, the EP Committee on Economic and Monetary Affairs voted on the report by Piia-Noora Kauppi (EPP/ED, Finland) concerning measures (a regulation and a directive) for the implementation of Directive 2004/39/EC relating to markets in financial instruments (MiFID). It decided to use to best advantage the three months granted to it under the so-called “Lamfalussy” procedure before adopting a policy resolution accompanying its report voted on Tuesday.
The Commission's legislative proposals on which MEPs are working do not correspond to the latest versions being examined by the Commission and the Committee of European Securities Regulators (CESR). MEPS will meet in Strasbourg on 12 June to vote on the legislative resolution once they have been informed of the latest developments in this dossier and on the way in which their stance has been taken into account.
In their report, MEPs adopted amendments on questions relating to conflict of interest and inducements to investment. They adopted a review clause relating to the retention of data on clients and transactions, mainly through registration of telephone calls. National legislations differ considerably on this point.
The Commission presented its implementation measures in February (see EUROPE 9125). The measures spell out the provisions of the MiFID Directive which affect relations between an investment firm and its clients, for example organisational requirements, conflicts of interest and rules of processing clients orders. They will take effect on 1 November 2007 at the same time as Directive 2004/39/EC.