Press Release: Financial services: Commission formally requests 24 Member States to write Markets in Financial Instruments Directive (‘MiFID’) fully into national law

The European Commission has formally requested a total of 24 Member States – all except the United Kingdom, Ireland and Romania – to write into national law the Markets in Financial Instruments Directive ("MiFID") and its implementing Directive. These requests take the form of 'reasoned opinions', the second stage of the infringement procedure under Article 226 of the EC Treaty. If there is no satisfactory reply within two months, the Commission may refer the matter to the European Court of Justice.