| After receiving several requests from Member States and the financial services industry, the European Commission announced today that it has extended the transposition deadline for MiFID and is continuing consultation on the measures required for implementation.
The new deadline (now 30 October 2006) provides a six month extension by which Member States must write MiFID (Directive 2004/39/EC) into their national law. The extension also gives firms and markets another six months (until 30 April 2007) to adapt their structures and procedures to the new requirements.
The Commission is inviting comments on its third working document on implementing legislation for MiFID. This document, which has been drawn up following technical advice from the
Committee of European Securities Regulators (CESR), focuses mainly on matters of market transparency. The document is available from the Investment Services and Regulated Markets section of the European Commission website.
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