Almost three years since the European Commission published its plan for revisions to the Markets in Financial Instruments Directive (Mifid) following public consultation, the European Parliament yesterday signed off to the new rules.
Mifid II, as it’s known, aims to tighten rules
on the derivatives markets to curb speculative investment and protect
investors’ interests. Mifid II was one of a number of pieces of
financial legislation rubber- stamped this week by the European
Parliament, which meets for its final session before elections in less
than six weeks.
Unsurprisingly, in light of the financial
crisis, EU legislation and policymaking have been dominated by financial
regulation in the past five years.
Outgoing internal markets
commissioner Michel Barnier,
who is running himself in next month’s elections, has spearheaded a
raft of measures since succeeding Charlie McCreevy in the role in 2009,
much to the annoyance of some in the financial services and banking
industry.
Read more: European Parliament passes key reforms on derivatives and banking union rules - Financial Services News | Business News | The Irish Times - Wed, Apr 16, 2014
No comments:
Post a Comment