The Markets in Financial Instruments Directive (MiFID) has won support from an influential European official.
Charlie McCreevy, the European commission's internal market commissioner, has hailed the new rules and urged all member states that are dragging their feet to get on board and reap the benefits it will bring, VNUnet reports.
The directive was brought in to replace the Investment Services Directive and became effective on November 1st in the UK.
Mr McCreevy stated that it will help to cut the costs associated with capital, while also boosting investors by providing greater levels of protection and helping them to enjoy greater choice.
"MiFID is a ground-breaking piece of legislation which will transform the landscape for the trading of securities and introduce much needed competition and efficiency," the publication reports him as saying.
The legislation is designed to become fully integrated with all 30 member states and forms a keystone in the Financial Services Action Plan.
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