Standards

Balls warns on MiFID delays

Ed Balls, City minister, has warned that delays by EU member states on the creation of a single market in financial services risks undermining the “competitiveness and reputation of Europe’s markets and financial services industry”.

In a letter to Charlie McCreevy, internal market commissioner, Balls urged him to keep up pressure on member states to implement MiFID – the directive designed to create the single market – on time.

Balls said that UK-based companies and authorities have invested considerable effort into ensuring they are prepared for MiFID on time, and “It would damage the reputation of MiFID if those firms that have stretched themselves, often at considerable cost, to be ready on time, are unable to extract the benefits”.

MiFID has a November 2007 deadline.

June 2007