ABBL

The European Banking Federation (EBF) is pleased with a fair number of the proposed changes to the Markets in Financial Instruments Directive (MiFID) framework. The Federation believes, however, that more signposting at Level 1 is necessary to ensure that important matters of principle are clear. Present uncertainty as to the timeline within which to implement any new changes needs to be addressed and the banking sector be given the time to adjust efficiently.

 The EBF considers it imperative that EU clients and counterparties have access to a full range of choice of EU and non-EU originated products and services. Furthermore, the EBF is concerned about the meaning of ‘equivalence assessment’. Any equivalence assessment of third country legislation should be a ‘top down’ approach based on approximation in regulatory outputs, principles and objectives.

Market access for EU banks to countries that have committed to a common set of regulatory principles for financial services reform (i.e. the members of the G20) should remain a primary policy objective in the review of MiFID.

(Source: The European Banking Federation)
 

Related files: 

EBF Position on the review of the MiFID - 20 December 2011