To ask the Chancellor of the Exchequer when he approved the Markets in Financial Instruments Directive; and when the initial cost benefit analysis for the directive was completed. (94579)

The Markets in Financial Instruments Directive (MiFID) was approved by member states, including the UK, through ECOFIN in April 2004 using a written procedure. The directive’s implementing measures were approved by member states, including the UK, at a meeting of the European Securities Committee in June of this year.

The European Commission produced an impact assessment for MiFID in November 2002 when it published its proposal for the directive. The Treasury published an initial impact assessment with its Explanatory Memorandum on the Commission’s proposal for a directive in December 2002. A partial impact assessment on the implementation of MiFID in the UK was published with the Treasury’s consultation document on MiFID implementation in December 2005.