More than three years after the implementation of MiFID, the review of the directive is now well on its way. Earlier this year, the Committee of European Securities Regulators (CESR) conducted consultations and provided the European Commission with technical advice on specific topics within MiFID. The European Parliament is also in the process of adopting an own initiative report touching upon several relevant topics. The eagerly awaited consultation document from the European Commission was published last week.
http://ec.europa.eu/internal_market/consultations/docs/2010/mifid/consultation_paper_en.pdf
The consultation document runs to 83 pages and contains wide-ranging proposals on a variety of topics under the following headings:
• Market structures
• Pre- and post-trade transparency
• Data consolidation
• Commodity derivative markets
• Transaction reporting
• Investor protection and the provision of investment services
• Convergence of regulatory framework and supervisory practices
• Reinforcement of supervisory powers in key areas
For ease of reference, a summary of the proposals is set out here.
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