Three EU states face legal action over Mifid
The Commission warned European Union member states they would face legal action if they did not transpose the Mifid rules into national law by the deadline of January 31, 2007, which gave individual firms nine months to adapt to the new regime before Mifid came into force on November 1.
But, the commission said on January 31, "a large majority of member states" missed this deadline, meaning companies in the delayed countries did not have enough time to meet all the Mifid requirements.
Ryan
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