Brussels, 24/04/2007 (Agence Europe) - On Tuesday 24 April, the European Commission sent a political warning to the 24 member states which have not yet transposed directive 2004/39/EC on financial market instruments, better known as the MiFID directive, opening infringement proceedings for failure to submit national measures integrating the directive into national law. European Internal Market Commissioner Charlie McCreevy has also written to the finance ministers of these countries to point out to them the “political and financial implications” of a delay in implementing one of the cornerstones of the financial services action plan (FSAP), his spokesman said. This latter expressed the hope, however, that transposition would be carried out within the time set, a “large majority” of member states having planned to complete in “May, June or July”.
The deadline for transposition of the MiFID regulation, having been extended (see EUROPE 9096), was finally set for 31 January 2007, with implementation nine months later, from 1 November 2007. The same implementation date was set for directive 2006/43/EC, which introduces implementing measures for the MiFID directive (see EUROPE 9219 and 9125). To date, only the United Kingdom, Ireland and Romania have fully transposed the directive into their national laws and are, therefore, not part of the infringement proceedings. The other member states aim to complete transposition: Belgium in April, Germany, France and Slovakia in May, Cyprus, Greece, Luxembourg, Malta and Portugal in June, Bulgaria, Estonia, Latvia and Poland in July, Austria and Sweden in August, Italy in September, Denmark in October, and Spain, Finland and Hungary in November. Lithuania and Slovenia have given no indication of timescale so far. In the European Economic Area, whose members must implement European internal market rules, Norway plans to transpose the directive in August and Liechtenstein in October. Iceland has not indicated when it intends to transpose the directive.
The MiFID directive will play a vital role in setting up a common regulatory framework for Europe's securities markets. It will remove obstacles to firms' use of the EU-wide investment “passport”, foster competition and a level playing field for Europe's trading venues, and ensure a high level of protection for investors across Europe. (mb)