The Treasury Select Committee is inviting written submissions on the Markets in Financial Instruments Directive (MiFID) proposals as part of its inquiry into European financial services regulation.
The Committee has examined recent developments in relation to the Financial Services Action Plan and the European Commission’s White Paper on Financial Services Policy 2005-2010 in its inquiry into financial services regulation and has previously invited written submissions.
But, subsequent to the closing date for these submissions, the European Commission released its draft proposals for MiFID and the Treasury Committee is now extending its focus to include written submissions on the MiFID proposals.
In particular, the TSC says it is looking for comment on some or all of the following topics:
- Whether the proposals adequately reflect prior input into the legislative process and the extent to which there were any significant “surprises” in the proposals, or whether any new requirements were included without sufficient prior consultation;
- The extent to which the proposals now provide sufficient information for a full cost benefit analysis to be undertaken at this stage and the desirability of undertaking such analysis;
- The identification of any elements of the proposals which are most likely to be interpreted differently across Europe and the problems this may generate;
- The identification of any elements of the proposals which conflict with existing UK regulation and an indication of the costs and benefits of changing these elements to reflect the rules under MiFID;
- The identification of areas in which the UK could benefit from rules additional to those included in the draft proposals and areas in which “super-equivalence” should be avoided; and
- Whether the UK financial services sector is prepared for the domestic implementation of MiFID and the extent to which the proposed MiFID implementation timetable is realistic for UK firms.
Submissions should be sent by email to [email protected] by 3pm on 30 March.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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