Brussels, 28/06/2007 (Agence Europe) - On Wednesday 27 June, the European Commission moved to the next stage in its monitoring of the transposition of the Markets in Financial Instruments Directive (“MiFID”). After sending 24 states letters of formal notice at the end of April (see EUROPE 9413), it decided to send reasoned opinions to remind them of their obligations. All member states apart from the United Kingdom, Ireland and Romania are involved. The “MiFID” directive 2004/39/EC and its implementing directive (2006/73/EC) should be transposed by 1 November 2007. The date from which the directive is to apply has already been postponed several times (see EUROPE 9096). “MiFID”, in creating a new regulatory framework for Europe's securities markets, will remove obstacles to firms' use of the EU-wide investment 'passport', foster competition and a level playing field between Europe's trading venues. (mb)