The European Commission on Monday welcomed the European Securities Committee's (ESC) unanimous approval of a series of technical measures implementing the Markets in Financial Instruments Directive (MiFID), which follows a strong endorsement from the European Parliament on 15 June 2006.
The Commission is likely to give its final approval in September 2006.
MiFID is one of the cornerstones of the Financial Services Action Plan (FSAP) and will play a vital role in creating a robust, common regulatory framework for Europe's securities markets.
The Directive is already acting as a catalyst for significant market changes: exchanges, multilateral trading facilities (MTFs) and investment firms are positioning themselves in anticipation of the much more competitive conditions which it will create.
MiFID will remove obstacles to firms' use of the EU-wide investment 'passport', foster competition and a level playing field between Europe's trading venues, and ensure a high level of protection for investors across Europe.
Internal Market Commissioner Charlie McCreevy announced that:
"MiFID is a ground-breaking piece of legislation. It will transform the landscape for the trading of securities and introduce much needed competition and efficiency. It is good news for investors because it will both increase their level of protection and give them greater choice. It should drive down the cost of capital, generate growth and boost our competitiveness."
"Once the European Parliament has finalized its formal work, we must move quickly and robustly to ensure equivalent and effective implementation by November 2007. All firms in the business should now prepare."
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