BETA


2005/0111(COD) Markets in financial instruments: extending the transposition deadline for Member States and the compliance date for firms

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON KAUPPI Piia-Noora (icon: PPE-DE PPE-DE)
Committee Opinion JURI
Lead committee dossier:
Legal Basis:
EC Treaty (after Amsterdam) EC 047

Events

2006/04/27
   Final act published in Official Journal
Details

PURPOSE: to extend the deadline for Member State transposition of Directive 2004/39/EC into national law. To change provisions relating to implementation measures.

LEGISLATIVE ACT: Directive 2006/31/EC of the European Parliament and of the Council amending Directive 2004/39/EC on markets in financial instruments, as regards certain deadlines.

CONTENT: Directive 2004/39/EC states that the Member States are to adopt the laws, regulations and administrative provisions necessary to comply with it by 30 April 2006. However, a number of developments have occurred which make application of this transposition deadline difficult, if not impossible, both for the Member States and for industry. For example, in order to comply with the requirements of the Directive and national implementing legislation, investment firms and other regulated entities will have to introduce new information technology systems, new organisational structures and reporting and record-keeping procedures. This can only be done once the contents of the implementing measures have been adopted by the Commission and subsequently transposed into national legislation. Taking the above into account, this Act extends the deadline for Member States to transpose Directive 2004/39/EC. At the same time, the Directive also amends the aforementioned Directive in order to bring provisions relating to implementing measures in line with the wishes of the European Parliament and the Council.

The revised deadlines are as follows:

- The European Parliament will be given three months from the first transmission of draft amendments and implementing measures for its opinion and comment. In urgent cases this time frame can be shortened.

- Following 1 April 2008 any new technical provisions relating to this Directive will be done in accordance with Article 251 of the TEU.

- By 31 October 2007 the Commission will prepare a report on a possible extension of the Directive’s scope concerning pre- and post-trade transparency obligation to transactions in classes of financial instruments other than shares.

- By 31 October 2008 the Commission will prepare a report on the application of Article 27.

- By 30 April 2008 the Commission will prepare a report on the continued appropriateness of certain exemptions for undertakings whose main business is dealing on own account in commodity derivatives. The report will also examine the content and form of proportionate requirements for the authorisation and supervision of such undertakings as investment firms as well as the appropriateness of rules concerning the appointment of tied agents.

- By 30 April 2008, the Commission will present a report on the state of the removal of obstacles which may prevent the consolidation, at a European level, of the information that trading venues are required to publish.

- By 31 October 2006, the Commission will prepare a report on the continued appropriateness of the requirements for professional indemnity insurance imposed on intermediaries under Community law.

- As from 1 November 2007, Directive 93/22/EC will be repealed.

- By 31 January 2007 the Member States will adopt the laws, regulations and administrative provisions necessary to comply with this Directive.

- By 1 November 2007, the Member States must apply these measures.

- Investment firms, regulated market or market operators and tied agents entered in a public register, who are already authorised and/or registered in their home Member State will be deemed authorised to continue their activities for the purpose of this Directive, provided that they comply with the provisions relevant to their sector, as set out in this Directive.

ENTRY INTO FORCE: 28 April 2006.

2006/04/05
   CSL - Draft final act
Documents
2006/04/05
   CSL - Final act signed
2006/04/05
   EP - End of procedure in Parliament
2006/03/10
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2006/03/10
   CSL - Council Meeting
2006/01/12
   EC - Commission response to text adopted in plenary
Documents
2005/12/13
   EP - Results of vote in Parliament
2005/12/13
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted a resolution drafted by Piia-Noora KAUPPI (EPP-ED, FI) and made several amendments to the Commission’s proposal. In a new recital, Parliament indicated that it should have an equal role in supervising the way in which the Commission exercises its executive role in order to reflect the legislative powers of the European Parliament under Article 251 of the Treaty. Parliament and Council should have the opportunity of evaluating the conferral of implementing powers on the Commission within a determined period. Parliament felt, therefore, that it is appropriate to limit the period during which the Commission may adopt implementing measures. Comitology provisions were amended in order to align them with those adopted in the Capital Adequacy directive. Accordingly, Parliament should be given a period of three months from the first transmission of draft amendments and implementing measures to allow it to examine them and to give its opinion. However, in urgent and duly justified cases, it should be possible to shorten that period. If, within that period, a resolution is adopted by the European Parliament, the Commission should re-examine the draft amendments or measures. On 1 April 2008 at latest the application of the directive's provisions requiring the adoption of technical rules, amendments and decisions shall be suspended. Acting on a proposal from the Commission, the European Parliament and the Council may renew the provisions concerned in accordance with the procedure laid down in Article 251 of the Treaty and, to that end, they shall review them prior to the 1 April 2008.

Furthermore:

- the report and review deadlines were extended by 6 months;

- the proposed deadline of 30 October 2006 for repealing Directive 93/22/EEC was delayed until 1 November 2007;

- the deadline for transposition by the Member States was extended from 30 October 2006, as proposed by the Commission, to 31 January 2007. The provisions under Member States' national law should be applied as from 1 November 2007;

- the deadlines laid down under the transitional arrangements were extended by 6 months. Moreover, a new clause stipulated that "any existing system falling under the definition of an MTF operated by a market operator of a regulated market" should, at the request of that market operator, be authorised as an MTF provided that it complies with equivalent rules on authorisation and operation required by the directive and that the request is made within 18 months after 1 November 2007;

-A new paragraph states that none of the implementing measures enacted may change the essential provisions of the Directive.

Documents
2005/12/12
   EP - Debate in Parliament
2005/12/09
   ECB - European Central Bank: opinion, guideline, report
Details

Opinion of the European Central Bank : o n 20 October 2005, the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a proposal for a directive of the European Parliament and of the Council amending Directive 2004/39/EC on markets in financial instruments, as regards certain deadlines. The ECB's competence to deliver an opinion is based on the first indent of Article 105(4) of the Treaty establishing the European Community, since the proposed directive contains provisions which have a bearing on the functioning and integration of EU financial markets and which could possibly affect financial stability. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

The ECB welcomes the extension by six months until October 2006 of the deadline by which Member States must transpose Directive 2004/39/EC into national law and the granting of an extra six months after transposition for the effective application of Directive 2004/39/EC, steps which have proven necessary for both Member States and investment firms. Moreover, the ECB understands that the Council and the European Parliament are currently considering extending the deadlines by a further three months to nine months. The ECB would have no objections to such an extension either.

2005/11/24
   EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2005/11/24
   EP - Committee report tabled for plenary, 1st reading
Documents
2005/11/22
   EP - Vote in committee, 1st reading
Details

The committee adopted the report by Piia-Noora KAUPPI (EPP-ED, FI) amending the proposal under the 1st reading of the codecision procedure. The amendments were aimed at facilitating agreement with the Council, by delaying various deadlines laid down in the proposal:

- the report and review deadlines were extended by 6 months;

- the proposed deadline of 30 October 2006 for repealing Directive 93/22/EEC was delayed until 1 November 2007;

- the deadline for transposition by the Member States was extended from 30 October 2006, as proposed by the Commission, to 31 January 2007. The provisions under Member States' national law should be applied as from 1 November 2007;

- the deadlines laid down under the transitional arrangements were extended by 6 months. Moreover, a new clause stipulated that "any existing system falling under the definition of an MTF operated by a market operator of a regulated market" should, at the request of that market operator, be authorised as an MTF provided that it complies with equivalent rules on authorisation and operation required by the directive and that the request is made within 18 months after 1 November 2007;

- lastly , MEPs amended the comitology provisions in order to align them with those adopted in the Capital Adequacy directive.

2005/10/28
   EP - Amendments tabled in committee
Documents
2005/07/04
   EP - KAUPPI Piia-Noora (PPE-DE) appointed as rapporteur in ECON
2005/06/22
   EP - Committee referral announced in Parliament, 1st reading
2005/06/14
   EC - Legislative proposal
Details

PURPOSE : to extend the transposition deadline for Member States and the compliance date for regulated firms of Directive 2004/39/EC on Market in Financial Instruments (MiFID).

PROPOSED ACT : Directive of the European Parliament and of the Council.

CONTENT : this proposal concerns extending the transposition deadline for Member States and the

compliance date for regulated firms of Directive 2004/39/EC on Market in Financial Instruments (MiFID). This is because serious difficulties have been reported by industry and Member States in relation to the ability of regulated entities to comply with the current deadline for transposition of the Directive (30 April 2006).

In order to remedy these difficulties that Member States and the industry will face in the transposition and application of the Directive, the Commission proposes to :

- extend the deadline by which Member States must transpose the MiFID into national law by 6 months, i.e. until October 2006;

- grant an extra 6 month period, after transposition into national law, for the effective application of the MiFID in order to allow firms sufficient time to adapt their systems and internal procedures so as to comply with the requirements of the Directive i.e. until April 2007.

Given the close interaction between the various parts of the MiFID, these proposals apply to the whole Directive (and not just those provisions which will be supplemented by implementing measures).

These modifications are purely technical, and are necessary to preserve the timetable for the various stages of entry into force and the review of the directive. For reasons of coherence the transposition deadline for this proposal has been aligned to the proposed extended transposition deadline (i.e. 30 October 2006) for Directive 2004/39/EC (Article 2). However, national legislation, implementing the previous regime established by Directive 93/22/EC may remain into force until the full application of the MiFID into national law (i.e. 30 April 2007).

2005/06/13
   EC - Legislative proposal published
Details

PURPOSE : to extend the transposition deadline for Member States and the compliance date for regulated firms of Directive 2004/39/EC on Market in Financial Instruments (MiFID).

PROPOSED ACT : Directive of the European Parliament and of the Council.

CONTENT : this proposal concerns extending the transposition deadline for Member States and the

compliance date for regulated firms of Directive 2004/39/EC on Market in Financial Instruments (MiFID). This is because serious difficulties have been reported by industry and Member States in relation to the ability of regulated entities to comply with the current deadline for transposition of the Directive (30 April 2006).

In order to remedy these difficulties that Member States and the industry will face in the transposition and application of the Directive, the Commission proposes to :

- extend the deadline by which Member States must transpose the MiFID into national law by 6 months, i.e. until October 2006;

- grant an extra 6 month period, after transposition into national law, for the effective application of the MiFID in order to allow firms sufficient time to adapt their systems and internal procedures so as to comply with the requirements of the Directive i.e. until April 2007.

Given the close interaction between the various parts of the MiFID, these proposals apply to the whole Directive (and not just those provisions which will be supplemented by implementing measures).

These modifications are purely technical, and are necessary to preserve the timetable for the various stages of entry into force and the review of the directive. For reasons of coherence the transposition deadline for this proposal has been aligned to the proposed extended transposition deadline (i.e. 30 October 2006) for Directive 2004/39/EC (Article 2). However, national legislation, implementing the previous regime established by Directive 93/22/EC may remain into force until the full application of the MiFID into national law (i.e. 30 April 2007).

Documents

Votes

Rapport Kauppi A6-0334/2005 - am. 1 #

2005/12/13 Outcome: +: 535, 0: 21, -: 17
DE GB IT FR PL ES CZ NL HU BE EL PT LT AT DK FI SK LV SE IE SI CY EE LU MT
Total
75
67
52
61
47
44
23
21
16
16
17
13
12
14
13
11
12
9
15
9
7
5
5
5
4
icon: PPE-DE PPE-DE
226
2

Denmark PPE-DE

For (1)

1

Cyprus PPE-DE

2

Estonia PPE-DE

For (1)

1

Luxembourg PPE-DE

3

Malta PPE-DE

2
icon: PSE PSE
132

Czechia PSE

2

Lithuania PSE

2

Finland PSE

1

Slovenia PSE

Against (1)

1

Estonia PSE

2

Luxembourg PSE

For (1)

1

Malta PSE

2
icon: ALDE ALDE
74

Hungary ALDE

1

Austria ALDE

1

Latvia ALDE

1

Sweden ALDE

3

Ireland ALDE

For (1)

1

Slovenia ALDE

2

Cyprus ALDE

For (1)

1

Estonia ALDE

2

Luxembourg ALDE

For (1)

1
icon: Verts/ALE Verts/ALE
34

United Kingdom Verts/ALE

3

Italy Verts/ALE

2

Belgium Verts/ALE

2

Austria Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Sweden Verts/ALE

For (1)

1
icon: GUE/NGL GUE/NGL
28

United Kingdom GUE/NGL

Against (1)

1

France GUE/NGL

3

Spain GUE/NGL

For (1)

1

Netherlands GUE/NGL

For (1)

1

Portugal GUE/NGL

2

Finland GUE/NGL

For (1)

1

Sweden GUE/NGL

Abstain (1)

1

Ireland GUE/NGL

Abstain (1)

1

Cyprus GUE/NGL

2
icon: UEN UEN
23

Lithuania UEN

2

Denmark UEN

For (1)

1

Ireland UEN

3
icon: IND/DEM IND/DEM
29

France IND/DEM

2

Czechia IND/DEM

1

Netherlands IND/DEM

2

Greece IND/DEM

1

Denmark IND/DEM

Against (1)

1

Sweden IND/DEM

3
icon: NI NI
27

United Kingdom NI

For (1)

4

Italy NI

2

Czechia NI

1

Belgium NI

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Abstain (1)

2

Austria NI

Against (1)

2

Slovakia NI

Abstain (2)

3

Rapport Kauppi A6-0334/2005 - am. 2 #

2005/12/13 Outcome: +: 508, 0: 23, -: 16
DE GB PL IT FR ES CZ NL BE EL HU PT LT AT FI LV SE SK DK IE SI EE CY LU MT
Total
76
65
48
49
53
37
21
20
17
16
15
14
12
12
11
9
16
11
10
9
7
6
5
4
4
icon: PPE-DE PPE-DE
223
2

Denmark PPE-DE

For (1)

1

Estonia PPE-DE

For (1)

1

Cyprus PPE-DE

2

Luxembourg PPE-DE

2

Malta PPE-DE

2
icon: PSE PSE
113

Netherlands PSE

3

Lithuania PSE

2

Austria PSE

2

Finland PSE

1

Slovakia PSE

2

Slovenia PSE

For (1)

1

Malta PSE

2
icon: ALDE ALDE
71

Hungary ALDE

1

Austria ALDE

1

Latvia ALDE

1

Sweden ALDE

3

Ireland ALDE

For (1)

1

Slovenia ALDE

2

Estonia ALDE

2

Cyprus ALDE

For (1)

1

Luxembourg ALDE

For (1)

1
icon: Verts/ALE Verts/ALE
34

United Kingdom Verts/ALE

3

Italy Verts/ALE

2

Belgium Verts/ALE

2

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Sweden Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1
icon: GUE/NGL GUE/NGL
27

United Kingdom GUE/NGL

Abstain (1)

1

France GUE/NGL

3

Spain GUE/NGL

For (1)

1

Portugal GUE/NGL

2

Finland GUE/NGL

For (1)

1

Sweden GUE/NGL

Abstain (1)

1

Ireland GUE/NGL

Abstain (1)

1

Cyprus GUE/NGL

2
icon: UEN UEN
23

Lithuania UEN

2

Denmark UEN

For (1)

1

Ireland UEN

3
icon: IND/DEM IND/DEM
29

Italy IND/DEM

Abstain (1)

3

France IND/DEM

2

Czechia IND/DEM

Abstain (1)

1

Netherlands IND/DEM

2

Greece IND/DEM

1

Sweden IND/DEM

3

Denmark IND/DEM

Against (1)

1
icon: NI NI
27

United Kingdom NI

For (1)

4

Italy NI

2

Czechia NI

1

Belgium NI

2

Austria NI

2

Slovakia NI

Abstain (2)

3

Rapport Kauppi A6-0334/2005 - am. 11 #

2005/12/13 Outcome: +: 571, 0: 36, -: 7
DE FR IT ES GB PL NL CZ BE PT HU EL AT FI LT DK SE IE SK LV SI EE LU CY MT
Total
83
65
52
47
70
48
24
22
19
19
18
18
16
12
11
13
17
10
12
9
7
6
6
5
5
icon: PPE-DE PPE-DE
227
2

Denmark PPE-DE

For (1)

1

Estonia PPE-DE

For (1)

1

Luxembourg PPE-DE

3

Cyprus PPE-DE

2

Malta PPE-DE

2
icon: PSE PSE
174

Czechia PSE

2

Finland PSE

2

Lithuania PSE

2

Ireland PSE

1

Slovenia PSE

For (1)

1

Luxembourg PSE

For (1)

1
icon: ALDE ALDE
74

Hungary ALDE

1

Austria ALDE

1

Sweden ALDE

3

Ireland ALDE

For (1)

1

Latvia ALDE

1

Slovenia ALDE

2

Estonia ALDE

2

Luxembourg ALDE

For (1)

1

Cyprus ALDE

For (1)

1
icon: Verts/ALE Verts/ALE
35

Italy Verts/ALE

2

United Kingdom Verts/ALE

3

Belgium Verts/ALE

2

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

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1

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1
icon: GUE/NGL GUE/NGL
28

France GUE/NGL

3

Spain GUE/NGL

For (1)

1

United Kingdom GUE/NGL

1

Netherlands GUE/NGL

For (1)

1

Portugal GUE/NGL

2

Finland GUE/NGL

For (1)

1

Sweden GUE/NGL

1

Ireland GUE/NGL

1

Cyprus GUE/NGL

2
icon: UEN UEN
22

Lithuania UEN

1

Denmark UEN

For (1)

1

Ireland UEN

3
icon: NI NI
27

United Kingdom NI

For (1)

4

Czechia NI

Abstain (1)

1

Belgium NI

2

Austria NI

2

Slovakia NI

Abstain (2)

3
icon: IND/DEM IND/DEM
27

France IND/DEM

2

Italy IND/DEM

For (1)

1

Netherlands IND/DEM

2

Czechia IND/DEM

1

Greece IND/DEM

1

Denmark IND/DEM

Against (1)

1

Sweden IND/DEM

3

History

(these mark the time of scraping, not the official date of the change)

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2005-06-14T00:00:00
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activities
  • date: 2005-06-14T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2005/0253/COM_COM(2005)0253_EN.pdf title: COM(2005)0253 type: Legislative proposal published celexid: CELEX:52005PC0253:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services type: Legislative proposal published
  • date: 2005-06-22T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2005-11-22T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Vote in committee, 1st reading/single reading
  • date: 2005-11-24T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-334&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A6-0334/2005 body: EP committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Committee report tabled for plenary, 1st reading/single reading
  • date: 2005-12-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20051212&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2005-12-13T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4358&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-498 type: Decision by Parliament, 1st reading/single reading title: T6-0498/2005 body: EP type: Results of vote in Parliament
  • date: 2006-03-10T00:00:00 body: CSL type: Council Meeting council: Employment, Social Policy, Health and Consumer Affairs meeting_id: 2714
  • date: 2006-03-10T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
  • date: 2006-04-05T00:00:00 body: CSL type: Final act signed
  • date: 2006-04-05T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2006-04-27T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0031 title: Directive 2006/31 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:114:TOC title: OJ L 114 27.04.2006, p. 0060-0063
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council
  • body: CSL type: Council Meeting council: Employment, Social Policy, Health and Consumer Affairs meeting_id: 2714 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2714*&MEET_DATE=10/03/2006 date: 2006-03-10T00:00:00
docs
  • date: 2005-09-21T00:00:00 docs: title: PE362.757 type: Committee draft report body: EP
  • date: 2005-10-28T00:00:00 docs: title: PE364.809 type: Amendments tabled in committee body: EP
  • date: 2005-11-24T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-334&language=EN title: A6-0334/2005 type: Committee report tabled for plenary, 1st reading/single reading body: EP
  • date: 2005-12-09T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52005AB0053:EN:NOT title: CON/2005/0053 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:2005:323:SOM:EN:HTML title: OJ C 323 20.12.2005, p. 0031-0031 summary: Opinion of the European Central Bank : o n 20 October 2005, the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a proposal for a directive of the European Parliament and of the Council amending Directive 2004/39/EC on markets in financial instruments, as regards certain deadlines. The ECB's competence to deliver an opinion is based on the first indent of Article 105(4) of the Treaty establishing the European Community, since the proposed directive contains provisions which have a bearing on the functioning and integration of EU financial markets and which could possibly affect financial stability. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion. The ECB welcomes the extension by six months until October 2006 of the deadline by which Member States must transpose Directive 2004/39/EC into national law and the granting of an extra six months after transposition for the effective application of Directive 2004/39/EC, steps which have proven necessary for both Member States and investment firms. Moreover, the ECB understands that the Council and the European Parliament are currently considering extending the deadlines by a further three months to nine months. The ECB would have no objections to such an extension either. type: European Central Bank: opinion, guideline, report body: ECB
  • date: 2006-01-12T00:00:00 docs: url: /oeil/spdoc.do?i=4358&j=0&l=en title: SP(2006)0053 type: Commission response to text adopted in plenary
  • date: 2006-04-05T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=3678%2F05&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 03678/1/2005 type: Draft final act body: CSL
events
  • date: 2005-06-14T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2005/0253/COM_COM(2005)0253_EN.pdf title: COM(2005)0253 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2005&nu_doc=253 title: EUR-Lex summary: PURPOSE : to extend the transposition deadline for Member States and the compliance date for regulated firms of Directive 2004/39/EC on Market in Financial Instruments (MiFID). PROPOSED ACT : Directive of the European Parliament and of the Council. CONTENT : this proposal concerns extending the transposition deadline for Member States and the compliance date for regulated firms of Directive 2004/39/EC on Market in Financial Instruments (MiFID). This is because serious difficulties have been reported by industry and Member States in relation to the ability of regulated entities to comply with the current deadline for transposition of the Directive (30 April 2006). In order to remedy these difficulties that Member States and the industry will face in the transposition and application of the Directive, the Commission proposes to : - extend the deadline by which Member States must transpose the MiFID into national law by 6 months, i.e. until October 2006; - grant an extra 6 month period, after transposition into national law, for the effective application of the MiFID in order to allow firms sufficient time to adapt their systems and internal procedures so as to comply with the requirements of the Directive i.e. until April 2007. Given the close interaction between the various parts of the MiFID, these proposals apply to the whole Directive (and not just those provisions which will be supplemented by implementing measures). These modifications are purely technical, and are necessary to preserve the timetable for the various stages of entry into force and the review of the directive. For reasons of coherence the transposition deadline for this proposal has been aligned to the proposed extended transposition deadline (i.e. 30 October 2006) for Directive 2004/39/EC (Article 2). However, national legislation, implementing the previous regime established by Directive 93/22/EC may remain into force until the full application of the MiFID into national law (i.e. 30 April 2007).
  • date: 2005-06-22T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2005-11-22T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: The committee adopted the report by Piia-Noora KAUPPI (EPP-ED, FI) amending the proposal under the 1st reading of the codecision procedure. The amendments were aimed at facilitating agreement with the Council, by delaying various deadlines laid down in the proposal: - the report and review deadlines were extended by 6 months; - the proposed deadline of 30 October 2006 for repealing Directive 93/22/EEC was delayed until 1 November 2007; - the deadline for transposition by the Member States was extended from 30 October 2006, as proposed by the Commission, to 31 January 2007. The provisions under Member States' national law should be applied as from 1 November 2007; - the deadlines laid down under the transitional arrangements were extended by 6 months. Moreover, a new clause stipulated that "any existing system falling under the definition of an MTF operated by a market operator of a regulated market" should, at the request of that market operator, be authorised as an MTF provided that it complies with equivalent rules on authorisation and operation required by the directive and that the request is made within 18 months after 1 November 2007; - lastly , MEPs amended the comitology provisions in order to align them with those adopted in the Capital Adequacy directive.
  • date: 2005-11-24T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-334&language=EN title: A6-0334/2005
  • date: 2005-12-12T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20051212&type=CRE title: Debate in Parliament
  • date: 2005-12-13T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=4358&l=en title: Results of vote in Parliament
  • date: 2005-12-13T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-498 title: T6-0498/2005 summary: The European Parliament adopted a resolution drafted by Piia-Noora KAUPPI (EPP-ED, FI) and made several amendments to the Commission’s proposal. In a new recital, Parliament indicated that it should have an equal role in supervising the way in which the Commission exercises its executive role in order to reflect the legislative powers of the European Parliament under Article 251 of the Treaty. Parliament and Council should have the opportunity of evaluating the conferral of implementing powers on the Commission within a determined period. Parliament felt, therefore, that it is appropriate to limit the period during which the Commission may adopt implementing measures. Comitology provisions were amended in order to align them with those adopted in the Capital Adequacy directive. Accordingly, Parliament should be given a period of three months from the first transmission of draft amendments and implementing measures to allow it to examine them and to give its opinion. However, in urgent and duly justified cases, it should be possible to shorten that period. If, within that period, a resolution is adopted by the European Parliament, the Commission should re-examine the draft amendments or measures. On 1 April 2008 at latest the application of the directive's provisions requiring the adoption of technical rules, amendments and decisions shall be suspended. Acting on a proposal from the Commission, the European Parliament and the Council may renew the provisions concerned in accordance with the procedure laid down in Article 251 of the Treaty and, to that end, they shall review them prior to the 1 April 2008. Furthermore: - the report and review deadlines were extended by 6 months; - the proposed deadline of 30 October 2006 for repealing Directive 93/22/EEC was delayed until 1 November 2007; - the deadline for transposition by the Member States was extended from 30 October 2006, as proposed by the Commission, to 31 January 2007. The provisions under Member States' national law should be applied as from 1 November 2007; - the deadlines laid down under the transitional arrangements were extended by 6 months. Moreover, a new clause stipulated that "any existing system falling under the definition of an MTF operated by a market operator of a regulated market" should, at the request of that market operator, be authorised as an MTF provided that it complies with equivalent rules on authorisation and operation required by the directive and that the request is made within 18 months after 1 November 2007; -A new paragraph states that none of the implementing measures enacted may change the essential provisions of the Directive.
  • date: 2006-03-10T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2006-04-05T00:00:00 type: Final act signed body: CSL
  • date: 2006-04-05T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2006-04-27T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to extend the deadline for Member State transposition of Directive 2004/39/EC into national law. To change provisions relating to implementation measures. LEGISLATIVE ACT: Directive 2006/31/EC of the European Parliament and of the Council amending Directive 2004/39/EC on markets in financial instruments, as regards certain deadlines. CONTENT: Directive 2004/39/EC states that the Member States are to adopt the laws, regulations and administrative provisions necessary to comply with it by 30 April 2006. However, a number of developments have occurred which make application of this transposition deadline difficult, if not impossible, both for the Member States and for industry. For example, in order to comply with the requirements of the Directive and national implementing legislation, investment firms and other regulated entities will have to introduce new information technology systems, new organisational structures and reporting and record-keeping procedures. This can only be done once the contents of the implementing measures have been adopted by the Commission and subsequently transposed into national legislation. Taking the above into account, this Act extends the deadline for Member States to transpose Directive 2004/39/EC. At the same time, the Directive also amends the aforementioned Directive in order to bring provisions relating to implementing measures in line with the wishes of the European Parliament and the Council. The revised deadlines are as follows: - The European Parliament will be given three months from the first transmission of draft amendments and implementing measures for its opinion and comment. In urgent cases this time frame can be shortened. - Following 1 April 2008 any new technical provisions relating to this Directive will be done in accordance with Article 251 of the TEU. - By 31 October 2007 the Commission will prepare a report on a possible extension of the Directive’s scope concerning pre- and post-trade transparency obligation to transactions in classes of financial instruments other than shares. - By 31 October 2008 the Commission will prepare a report on the application of Article 27. - By 30 April 2008 the Commission will prepare a report on the continued appropriateness of certain exemptions for undertakings whose main business is dealing on own account in commodity derivatives. The report will also examine the content and form of proportionate requirements for the authorisation and supervision of such undertakings as investment firms as well as the appropriateness of rules concerning the appointment of tied agents. - By 30 April 2008, the Commission will present a report on the state of the removal of obstacles which may prevent the consolidation, at a European level, of the information that trading venues are required to publish. - By 31 October 2006, the Commission will prepare a report on the continued appropriateness of the requirements for professional indemnity insurance imposed on intermediaries under Community law. - As from 1 November 2007, Directive 93/22/EC will be repealed. - By 31 January 2007 the Member States will adopt the laws, regulations and administrative provisions necessary to comply with this Directive. - By 1 November 2007, the Member States must apply these measures. - Investment firms, regulated market or market operators and tied agents entered in a public register, who are already authorised and/or registered in their home Member State will be deemed authorised to continue their activities for the purpose of this Directive, provided that they comply with the provisions relevant to their sector, as set out in this Directive. ENTRY INTO FORCE: 28 April 2006. docs: title: Directive 2006/31 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0031 title: OJ L 114 27.04.2006, p. 0060-0063 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:114:TOC
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  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
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  • date: 2005-06-14T00:00:00 docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2005/0253/COM_COM(2005)0253_EN.pdf celexid: CELEX:52005PC0253:EN type: Legislative proposal published title: COM(2005)0253 type: Legislative proposal published body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services
  • date: 2005-06-22T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2005-11-22T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Vote in committee, 1st reading/single reading
  • date: 2005-11-24T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2005-334&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A6-0334/2005 body: EP committees: body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Committee report tabled for plenary, 1st reading/single reading
  • date: 2005-12-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20051212&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2005-12-13T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4358&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2005-498 type: Decision by Parliament, 1st reading/single reading title: T6-0498/2005 body: EP type: Results of vote in Parliament
  • date: 2006-03-10T00:00:00 body: CSL type: Council Meeting council: Employment, Social Policy, Health and Consumer Affairs meeting_id: 2714
  • date: 2006-03-10T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
  • date: 2006-04-05T00:00:00 body: CSL type: Final act signed
  • date: 2006-04-05T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2006-04-27T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006L0031 title: Directive 2006/31 url: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:114:SOM:EN:HTML title: OJ L 114 27.04.2006, p. 0060-0063
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  • body: EP responsible: True committee: ECON date: 2005-07-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: KAUPPI Piia-Noora
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
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2005/0111(COD)
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Amending Directive 2004/39/EC
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Legislation
title
Markets in financial instruments: extending the transposition deadline for Member States and the compliance date for firms
type
COD - Ordinary legislative procedure (ex-codecision procedure)
final
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