-According to
this paper the proposed directive is more likely to lead to market fragmentation than to integration if too many additional requirements are imposed by national authorities. UNICE believes that, unless substantial amendments are made to the text of the directive, the result is likely to be a loss of necessary flexibility in regulation to take account of legitimate market practices such as the MTNs (medium term notes) market. The result might also be that issuers from outside the EU will be deterred from using capital markets within EU Member States with consequent loss of business for the financial services sector.
© UNICE
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