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Mifid review must remain focused on original objectives

Wednesday 12 May 2010 - by Mark Hart


However, to succeed the Review must also address the disparity of implementation across member states. Where member states have not fully implemented Mifid, resulting in continuing non-Mifid-compliant barriers to the single market, it is important to tackle the relevant local requirements and consequent practical obstacles to cross-border business.

Targeted enforcement of correct implementation of Mifid must be a priority for the European Commission and the new European Supervisory Authorities, using consistent measures of the effectiveness of implementation.

AFME wrote to the EC and CESR in March, suggesting these key principles and setting out its preliminary thoughts on the issues it anticipated being discussed. (See www.afme.eu)

Now the process of consultation has begun with a series of papers issued by CESR in mid-April. AFME will participate fully in this process to ensure that that the reviewers take an outcome-focused approach to their work. Mifid II, as it is sure to be known, represents a proportionate tidying-up exercise rather than wholesale reform. Another radical shake-up is the last thing that investors, or the investment industry, need at this time.



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