Press Release: Directive on markets in financial instruments (‘MiFID’): Commission extends transposition deadline and continues consultation on implementing measures

The European Commission on 20 June 2005 proposed a new Directive extending by six months (until 30 October 2006) the deadline by which Member States must write into national law Directive 2004/39/EC on markets in financial instruments ('MiFID'), previously known as the Investment Services Directive. The proposal would also give firms and markets another six months (until 30 April 2007) to adapt their structures and procedures to the new requirements. Meanwhile, the Commission was inviting comments on its third working document on implementing legislation for MiFID. While the first working document focused on transaction reporting plus exchange of information between competent authorities and the second on organisational requirements for investment firms, this document dealt mainly with issues of market transparency.