16 January 2006

BdB calls for a European Directive on MiFID rather than regulations

The Association of German Banks (BdB) called for a European Directive on Markets in Financial Instruments that must guarantee all market participants legal certainty and a level playing field. “Should the European Commission regulate major aspects of the MiFID in the form of a regulation rather than a directive, this will create legal uncertainty and competitive disadvantages for the banks in Germany and in other countries”, said Harald Noack, Deputy General Manager of the Association. “We therefore advocate: a directive where necessary and a regulation where possible.”

The European Commission intends to shortly submit a proposal for the MiFID’s technical implementing measures. A regulation would mean that the same rules would still not apply throughout the EU due to differences in interpretation which would lead to great uncertainty.

“It would therefore be desirable and appropriate to enact inherently clear-cut technical rules in a regulation. The EU should, however, put rules with civil-law implications in a directive, which would then have to be transposed into national law”, added Mr Noack. “What we need is legal certainty, not additional special rules”.

Press release
Brochure - summary
Full brochure (German version only)
Statement of Harald Noack

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