Commissioner Barnier: Nobody should be able to escape surveillance under MiFID review
22 September 2010
He also stressed that excessive risk taking must be eliminated which requires full transparency vis-à-vis the regulators and the public.
The recasting of the Directive should finally be efficient and fast. The time has come for action, and Europe must move forward. The Commission would therefore like to present a draft revision in spring 2011.
MiFID is applied first to the equity markets, the traditional exchanges and MTFs. The EC will go further and impose more transparency in other markets such as bond markets and especially on the derivatives markets.
The updating of the Market Abuse Directive will also tackle many aspects of the financial markets.
Finally, he said that ESMA will play an important role in improving the functioning of financial markets in Europe, by ensuring the emergence of common operating and management rules and by supervising and coordinating them on an homogeneous manner.
© European Commission
