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EC: Mifid to be introduced as 'regulation'

Wednesday 29 June 2011 - by A Hickley, N York & W Henley


The EC's  Maria-Teresa Fabregas Fernandez speaking at the GFS MiFID debate

The European Commission has revealed that elements of the long-awaited revised Markets in Financial Instruments Directive will be released as a binding regulation.

Maria-Teresa Fabregas Fernandez, deputy head of the European Commission's securities markets unit, confirmed industry rumours this morning at a conference in Brussels hosted by Global Financial Strategy.

Fernandez said: "We are trying to as much as possible introduce this principle as a single rulebook for Europe. So we will be introducing elements of Mifid as a regulation."

It is not known how many of the revised Mifid proposals, dubbed Mifid II, will be turned into a regulation.

Sources suggest that the European Commission might choose to hand powers to the new European Securities and Markets Authority to decide how some provisions are enacted.


The decision means that the provisions in the Mifid text - delayed until at least October, as revealed by Global Financial Strategy earlier this month - are set to be much more stringent for member states.

For more information and live tweets from Global Financial Strategy's 'The MiFID debate' conference, sponsored by Morgan Stanley and Fidelity, please click here.



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