Industry row over MiFID
BRUSSELS – The process of consultation on the implementation of the Markets in Financial Instruments Directive (MiFID) by the Committee of European Securities Regulators (CESR) has thrown up major industry objections to the legislation.
The EU legislation has been welcomed by the financial industry conceptually – it will allow the effective creation of a single market for financial services. "The directive’s importance is impossible to overestimate in terms of its potential impact on financial services," said Jonathan Taylor, managing director at UBS in London, at a late-September risk management conference.
But the specifics of implementation are proving trickier. The British Bankers Association (BBA) warns that CESR must
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