Luxemburger Wort – Commission warns Luxembourg over MiFID II

The European Commission has warned Luxembourg that it is not advanced enough in implementing the EU Directive on MiFID II.

The EU Commission on Tuesday sent two letters of formal notice to Luxembourg about a “non-transposition”, or the non-implementation of the MiFID II directive at a national level.

The regulation should enter into force no later than 3 January 2018.

On request, the Ministry of Finance said that the MiFID dossier had been submitted in July as a draft bill and is currently still in the legislative Chamber.

MiFID II is a directive for financial instruments in the EU internal market. It is intended to strengthen competition, protect consumers and harmonise the European financial market.

(By Michèle Zahlen, translated by Hannah Brenton, hannah.brenton@wort.lu, +352 4993 728)

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