B ü rgenstock 2006: Regulators 'out of touch' on Mifid
Many European regulators and firms are still not ready for the effects of the Markets in Financial Instruments Directive (Mifid), warned delegates attending the Swiss Futures & Options Assocation annual conference in Burgenstock, Switzerland, today. Mifid will be introduced across the European Union (EU) in November 2007.
“Some regulators may be so out of touch that the country will have a significant implementation problem,” said Jim Gollan, chief executive of London-based cross-border exchange virt-x.
And the problem could stretch beyond the borders of a host regulator's country. “Most European regulators have nothing about Mifid on their websites at all," said Jonathan Herbst, a partner at London law firm Norton Rose. "This is a very real legal and practical problem for cross-border operations.”
Some market
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