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The Main Effects of MiFID on European Capital Markets and European Integration
Abstract
This chapter researches whether the application of European Directive MiFID had any significant effects on the European Capital Markets and the progress of the European Integration. This new regulation specifies the tasks and responsibilities of the supervisory authorities of the Member State of origin and the host Member State, to enhance the certainty of effectiveness of cross border transactions supervision and to reduce the risk of imposing unnecessary legal reforms from the host Member State on investment firms which perform cross border transactions. The author concludes, among others, that the aligning of the national regulatory approaches to a common European regulatory system is quite necessary. MiFID will contribute to reduce problems at country level as the previous experience of the Investment Services Directive, where the European investments and economies of Member States were based mainly on the level of “country” and not of the “sector”.
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