Strasbourg, 19/06/2006 (Agence Europe) - On 15 June, MEPs adopted a resolution approving two Commission implementation measures - a directive and a regulation - relating to Directive 2004/39/EC on financial instruments markets, better known as the MiFID directive (see EUROPE 9204). Before taking a stance, they wished to make sure that most of the changes they had requested had been approved by the Commission and the CESR (Committee of European Securities Regulators) with a letter from the European institution sent to the parliamentary committee on economic and monetary affairs. In line with the Lamfalussy approach, applicable for adopting the legislative acts in question, the European Parliament had until end June to give its opinion on the measures proposed. The Commission was not legally under any obligation to take these into account. The measures should enter into force on 1 November 2007 at the same time as the MiFID directive.
EP changes accepted pertained to: greater flexibility for block orders and relating to post-negotiation transparency requirements, obligations to provide professional clients with information, and the taking into consideration of conflict of interest likely to appear within companies. Changes were also made to the provisions relating to the better implementation and management of portfolios as well as to investment inducements.
In their resolution adopted unanimously, MEPs recall the need for the Commission to involve and inform the European Parliament from the outset of work. They note that there are structural failings at the level of the Commission's legislative competences, which endanger the result of major regulations such as implementation measures. Member States are also invited to strengthen the democratic accountability of the CESR, especially with regard to the European Parliament.