Fears over MiFID legal structure
LONDON – Confusion over the legal structure of the Markets in Financial Instruments Directive (MiFID) will inhibit its uniform implementation, warned a panel of experts at the financial technology conference, Finexpo, in mid-January in London.
The dilemma lies in how MiFID will become the law of the land – how much of it will be in the form of an EU directive, and how much will take the shape of regulations drafted at the EU level.
As MiFID is a Lamfalussy directive, there will be level 2 implementing text from the European Commission, and this is expected to be in the form of both a directive and a new set of regulations.
But Stephen Hanks, head of market monitoring, European financial services, HM Treasury, stated that there are
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