The MiFID Implementing Measures: Excessive detail or level playing field? ECMI Policy Brief No. 1, May 2006

This Policy Brief provides a detailed critical analysis of the MiFID Directive’s draft implementing measures. It sets out to examine the evolution of EU regulation of investment firms from the original Investment Services Directive through the MiFID implementing measures, arguing that the EU Commission has moved from a principles- to a rules-based approach. The great level of detail in some of the implementing measures will impose significant costs to investment firms and could trigger unintended consequences. Nevertheless, some of the negative effects of the MiFID will surely be offset by the benefits derived from replacing 25 different regulatory regimes with a harmonised set of rules