- The Economic and Social Committee (EESC) welcomes the proposal to recast Directive 2004/39/EC, known as MiFID, which establishes a regulatory framework for the provision of services in financial instruments. The overarching objective is to increase the transparency and efficiency of trading and limit market volatility, but also to increase the integrity of intermediaries and protection of investors and open European markets up to genuine competition in financial services provision.
- The EESC is opposed to excessive, disproportionate use of delegated acts, as provided for by Article 94, which should govern limited, well-defined subjects for a given period of time. It calls on the European legislative institutions to clarify the proper use of the instrument, subject to ex-post verification, and its consistency with the letter and spirit of the Treaties.
Earlier EESC opinion Markets in financial instruments and amending the Regulation [EMIR] on OTC derivatives (CESE 470/2012, INT/603)
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