European Commission threatens EU member states behind on Mifid
Those failing to transpose Mifid face European Court of Justice hearing
Last week, the European Commission followed up their April infringement proceedings against EU Member States who had not transposed the Markets in Financial Instruments Directive (Mifid) 2004/39/EC Level 1 into national law by 31 January with the next stage – “Reasoned Opinions”. These are directed against the 24 member states that have not transposed both Level 1 and Level 2 implementing directives, which means that only the UK, Romania and Ireland are in the clear.
The opinions state that, without satisfactory replies from Member States by September 2007, the matter will be referred to the European Courts of Justice (ECJ).
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