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MiFID II - Regulatory Power Concentrated in the European Commission, Contributed by Donald Stewart, Faegre & Benson LLP

Friday, December 2, 2011
The Eurozone is currently experiencing a crisis of potentially biblical proportions. The debt markets are proving themselves the masters of national destinies. Yet the European Commission appears to be continuing doggedly on with its regulatory plans for European financial markets having published, on 20 October 2011, its texts1 for the next revision of the Directive 2004/39/EC on markets in financial instruments (MiFID). The original MiFID, consisting of a framework directive,2 an implementing directive3 and an implementing regulation4 came into force on 1 November 2007. Intended to create a regulatory regime that would level the playing field across Europe in the provision of investment services, its initial implementation cost was estimated to be in the region of

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