Extracts from the press conference by Michel Barnier on the strengthening of the sanctions for violations of EU financial services rules: the way forward
On 8 December 2010, Michel Barnier, Member of the EC in charge of Internal Market and Services, announced during the press conference that the European Commission had launched a consultation on the review of the Markets in Financial Instruments Directive (MiFID), and adopted a communication setting out possible ways to reinforce sanctioning regimes in the EU's financial services sector. In force since November 2007, MiFID provided a comprehensive framework for investment firms offering services in relation to financial instruments, as well as rules to protect investors. However, rapid technological advances, the complexity and changing make-up of financial markets and the lessons of the financial crisis called for an extensive review. The purpose of this consultation was to gather input from all stakeholders in order to inform the legislative proposals due in the spring of 2011.