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20 October 2011

EBF: European banks welcome MiFID Review proposal

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The European Banking Federation (EBF) welcomes the proposals published by the European Commission, reviewing the current regulatory framework for the provision of investment services and activities in Europe under the Markets in Financial Instruments Directive (MiFID).

The EBF is supportive of the way the issues are addressed, in particular the Conduct of Business proposals concerning investor protection. “We find these proposals rather balanced”, declared Guido Ravoet, Chief Executive of the EBF. “It is however important that any new rules on investment advice do not restrict the access of retail investors to advice.”

The EBF also finds encouraging the Commission’s call for the removal of barriers and discriminatory practices that can be used to prevent competition in the provision of clearing services.

There remain however some significant areas of concern that will need more careful consideration to ensure the legislation is well adapted to the needs of investors and issuers who use the markets. “We think, for example, that the Commission’s proposal for Organised Trading Facilities (OTF) is likely to need adjustments if this trading venue is to serve current investors’ needs”, commented Ravoet.

Press release


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