EC close to approving Mifid
The European Commission is expected to approve the technical measures of the Markets in Financial Instruments Directive (Mifid) in September. The announcement was made after the European Securities Committee’s (ESC) unanimous approval of the measures.
The European Parliament now has a one-month period to ensure the provisions set out in the Level I framework of the directive have been adhered to before formally approving the measures. From now, work will focus on the Level II implementing measures of the directive.
Once the directive is approved, member states will have until January 31, 2007 to transpose the directive into law. Thereafter, firms will be required to comply with the directive by November 1, 2007.
The announcement, though
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