McCreevy urges Member States to ensure rapid implementation of MiFID

24 April 2007

Commissioner Charlie McCreevy has urged those Member States that have not yet implemented the MiFID Directive in national law to put this issue at the top of their political agenda. In letters to the Ministers of Finance concerned, the Commissioner expresses deep concern about delays in implementation in national law, for which the deadline elapsed on 31 January 2007. To date only the United Kingdom and Romania have notified the Commission of full implementation of MiFID in their national laws. “Further delays could well expose Europe's firms and banks to serious competitive disadvantage', McCreevy said.

The deadline for Member States to implement MiFID in national law is 1 November 2007. Furthermore, a lack of national implementing legislation beyond 1 November 2007 could endanger the proper functioning of the MiFID 'passport' and have a significant impact on EU financial markets. In this situation there is a risk that Member States could face legal action by private parties who might claim damages for losses incurred because of late implementation of national legislation.

The Commission plans to launch infringement procedures against those Member States that have not yet transposed the relevant Directives.

Press release

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