MiFID: draft level 2 implementing measures

On 6 February 2006 the Commission published a draft Directive and draft Regulation to implement the Markets in Financial Instruments Directive. The draft Regulation includes conditions for the admission of financial instruments to trading on a regulated market for the purposes of Article 40 of MiFID. The provisions largely follow CESR's final advice published in May, however the Commission has not included measures recommended by CESR in relation to the obligation of a regulated market to: (1) verify issuers' compliance with disclosure obligations; or (2) facilitate its members or participants obtaining access to information which has been made public under Community law, including prospectuses relating to new issues.


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