Fears over MiFID legal structure


The dilemma lies in how MiFID will become the law of the land – how much of it will be in the form of an EU directive, and how much will take the shape of regulations drafted at the EU level.

As MiFID is a Lamfalussy directive, there will be level 2 implementing text from the European Commission, and this is expected to be in the form of both a directive and a new set of regulations.

But Stephen Hanks, head of market monitoring, European financial services, HM Treasury, stated that there are

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