European Conservatives and Reformists Group: MiFID review needs industry input
08 December 2010
MEP Kay Swinburne highlighted that the EC has come forward with a very comprehensive consultation document but it needs industry to respond with as much practical evidence as possible.
The European Commission's efforts to bring the Markets in Financial Instruments Directive (MiFID) up to date with modern technology and the changing make-up of financial markets require industry input to make them workable, MEP Kay Swinburne from European Conservatives and Reformists group economics spokesman said today following the launch of a commission consultation into the matter. MiFID has been in force since 2007. It is aimed at providing a clear framework for financial instruments to encourage investment firms to operate across the EU, to increase competition, and to ensure protection for investors.
Dr Swinburne has drafted a report that was recently adopted by the Parliament's economics committee looking into the regulation of trading in financial instruments such as 'dark pools'. The report is expected to influence the commission's proposals in order to reduce systemic risk, ensure fair competition and market integrity.
Dr Swinburne said: "The fundamental question must be: is the regulation ensuring that the market serves long term investors and businesses? Regulation is always a step behind new technology and practices. However, the MiFID review provides a timely opportunity to update the legislative framework to ensure continued confidence and competition in our markets."
