Level 3 ‘overly ambitious’, say industry associations
BRUSSELS – Industry executives lambasted the Work programme on Markets in Financial Instruments Directive (Mifid) Level 3 work, published by the Committee of European Securities Regulators (CESR), in their mid-September responses. The work programme is an extension of the work that is being carried out under the Mifid legislation, with a deadline for total implementation of November 2007.
Most respondents to the work programme consultation, including the British Bankers Association, are concerned about the size and scope of the Level 3 proposals. The BBA says CESR needs to focus on a "small amount of genuinely pan-European issues", like the internal restructuring of firms as a result of Mifid.
Similarly, the European Banking Federation (FBE) views the programme as being "overly long
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