Speech McCreevy: Integration of Financial Markets in the Context of Globalisation

20 February 2007

Speaking at the High Level City Group event in London, Commissioner McCreevy underlined the implementation and enforcement of the MiFID Directive is the key challenge. “Some of the practical implications of the implementing compromises at Level 2 were not sufficiently thought through”, he told the audience.

“I fear that there is a real risk that the dream of a single new rule book replacing 27 existing rule books could be turned into a real practical nightmare”, he said. “This will certainly happen if we end up supplementing the single rule book with the handiwork of a dozen or more gold-platers, with manuals of interpretative guidelines, with a multiplicity of different types and numbers of reporting fields – demanded by 27 different regulators.”

Full speech

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