Brussels, 26/06/2006 (Agence Europe) - The adoption of measures implementing directive 2004/39/EC on markets in financial instruments - better known as MiFID - is expected in September of this year (see EUROPE 9125). The European Securities Committee (ESC) has just given unanimous approval to the measures adopted under the “Lamfalussy” approach. In mid-June, the European Parliament adopted a resolution approving the two measures - a directive and a regulation - after ascertaining that its opinion would be taken into account (see EUROPE 9214 and 9204). Parliament now has a one-month period to check that the limits set in directive 2004/39/EC have been respected. Member States will be required to implement this legislation from 1st January 2007, and firms required to comply from 1st November 2007.
“The successful result in the ESC and the Parliament shows that the 'Lamfalussy process' … is working very effectively. It shows a willingness on the part of all players - Member States, the European Parliament, regulators, markets and consumers - to work together constructively to achieve the right result for Europe's financial markets, European investors and the economy as a whole,” says the European Commission in a press release.