Tim Plews: Creator of new markets or paper chase?
The Markets in Financial Instruments Directive (MiFID) is due to take effect on 1 November, 2007 across all 27 European Union (EU) member states. As few as four states, including the UK, will meet the implementation deadline. EU directives are normally implemented within two years of enactment, but the European Parliament agreed two-and -a-half years for MiFID. Notwithstanding the DIY guidance from the Committee of European Securities Regulators, member states will miss the deadline and the European Commission will initiate infringement proceedings in the European Court of Justice.
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