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The European Commission has decided to refer three Member States to the European Court of Justice over non-implementation of the Markets in Financial Instruments Directive (2004/39/EC), known as 'MiFID', and its implementing Directive (2006/73/EC). The Member States concerned are the Czech Republic and Poland for Directive 2004/39/EC and the Czech Republic, Poland and Spain for Directive 2006/73/EC. The deadline for transposition of those measures expired on 31 January 2007.
The provisions of MiFID have been applicable since 1 November 2007. The period of nine months between transposition into national legislation and application was intended to provide financial market participants with the required time to adapt to the new rules. The delays in transposition have shortened this period in a large majority of Member States.
MiFID creates a new legal framework for the provision of investment services in the EU by establishing authorisation and operating conditions for investment firms and regulated markets. A key feature of the regime is the ability for investment firms to use the authorisation obtained in one Member State to provide financial services in another Member State. The benefits of this regime cannot be fully realised by firms from Member States that have not transposed the Directives, and also by firms from other Member States wishing to operate on the territory of Member States that are late in transposing.
The latest information on infringement proceedings concerning all Member States can be found at:
