Financial investments services facing the Directive on Financial Instruments market

Author:Şerban TOADER, KPMG

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Keywords:Lamfalussy Process, unique passport, clients classification, pre-transactioning passport, transactions reporting, counseling

Abstract:
Only few months after Romania`s joining to the European Union, the financial sector experience a complete process of adaptation to the new standards, facing the challenges generated by the implementation of the rules with applicability from 1 January 2007 but also by the impact of the changes at the European level. In this context, KPMG wants to mention the importance and complexity of the implementation process of the provisions of the Directive on the Financial Instrument market, mainly considering the direct and automat application of the Regulations of the European Commission in the national system. \r\nIt is envisaged that the MiFID implementation will change the current financial environment in EU having as objective an increase in liquidities, the establishment of consistent conformity requirements for the firms and the optimization of the protection measures for the investors. It is also envisaged that MiFID will facilitate the cross border operations within EU, as well as an increase in the competition between the regulated stock exchange and the alternative markets for order placements.\r\n

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