The introduction of the MiFID,which is a revised version of former ISD,on November 1,2007 has created a wider and deeper integration in the EU investment services markets,in respect not only of regulatory harmonization but also of enhanced competitions between market players of across the EU member countries. The regulatory convergence developments in the EU and its impact on the European capital market gather attentions from outside of the EU area and including the US.as more integrated and efficient EU capital market is seen to have a potential to absorb the more investors and market players around world. Market players and institutional investors in the EU market are taking quick actions to adapt a new regulatory and supervisory environments as well as new market oppportunities. This report is to examine what MiFID new regime world mean, benefit or cost to markets and market participants and to review what impact will be on the competitiveness of the European capital market.
EU証券規制の新潮流:MiFIDをめぐる最近の動向
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