EU web site explains MiFID

The European Commission has launched an interactive website where stakeholders, including firms, trade associations and investors, can ask questions relating to the recently finalised Markets in Financial Instruments Directive (2004/39/EC) (MiFID) and its implementing measures. The website allows stakeholders to see the answers to questions already asked, as well as allowing them to ask new questions.

Internal Market and Services Commissioner Charlie McCreevy said: “Part of the Better Regulation approach involves striving to be as open and transparent as possible during the formulation and implementation of our Single Market Directives. There is a great demand from clear and practical answers to a range of questions around MiFID in particular. We hope this website will help to meet that demand.”

Where appropriate, the Commission will consult with Member States and with regulators before formulating answers to questions. It will also refer particular issues to regulators on a case-by-case basis.

The target will be to answer all questions within three months, but simpler questions should be able to be answered much more quickly.

If the website is successful, the Commission will consider applying the same approach to other Single Market Directives. The functionality of the website will also continue to be developed.

Questions can be submitted in any official language of the EU but answers will be published in English only.
The website is available at:

http://ec.europa.eu/internal_market/securities/isd//questions/index_en.htm