The markets in financial instruments directive (MiFID) may be one of the most remarkable and ambitious steps towards a single European financial system.
As the heart of the Financial Services Action Plan, according to the European Commission, this directive will “play a central role in creating a robust, common regulatory framework for Europe’s securities markets”. Internal Market Commissioner, Charlie McCreevy, considers MiFID “a groundbreaking piece of legislation”. In line with the envisaged threefold implementation model in Spain, which started with the approval of important modifications to the Spanish Stock Market Act, certain difficulties still have to be overcome. However, the first step of MiFID implementation in the European Union’s fifth largest economy – Spain – may now only be a few weeks away.
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