Commenting in their joint submission to the MiFID consultation, the Treasury and FSA rebuked the European Commission for rushing the consultation process which lasted just eight weeks and fell over the Christmas holiday period.
 
In the submission's punchy introduction, the Treasury and FSA said: "The consultation paper implies changes that will have profound implications for many firms...We are therefore surprised that the Commission considered such a short consultation period...would be sufficient to canvass views from such a broad spectrum and collect enough evidence for a meaningful impact assessment. In the UK’s view, the consultation period is inappropriately curtailed and not conducive to sound policy making or the production of carefully considered legislative proposals." 

The Treasury/FSA rebuke follows remarks made by UK Treasury minister Mark Hoban who last week said at a conference in London that the MiFID proposals were "vague" and that, if implemented incorrectly, could "set the industry back a decade". The UK Treasury and FSA criticism highlights the growing tensions between UK policymakers and the European Commission which has created a new pan-European regulatory structure with the power to supersede national regulators such as the FSA.

 A London-based head of policy at a trading firm said he felt that the Commission's short submission period reflected a lack of concern for industry feedback. He said of the Treasury/FSA response: "I'm glad that the UK government has chosen to be forthright on this." He added that a lack of detail in the consultation proposal may force the Commission to re-consult on some elements of the text. 

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