Newsletter Mar 2007: McCreevy voices MiFID ‘nightmare’ fears

LONDON – Charlie McCreevy, head of internal markets at the European Commission, sounded the alarm in late February over the way that the Markets in Financial Instruments Directive (MiFID) is being implemented across the 27 countries of the EU. One of the largest and most ambitious laws that the EU has ever enacted, MiFID is intended to create a single financial services market across much of Europe. But there is “a real risk that the dream of a single new rule book replacing 27 existing rule books could be turned into a real practical nightmare,” McCreevy told a High Level City Group event in London.