Update: The Markets in Financial Instruments Directive and the Single European Market in Investment Services

Following our alert memo on The Markets in Financial Instruments Directive and the Single European Market in Investment Services which you received in December, the European Parliament adopted a proposal to extend the deadlines for the implementation and national-level effectiveness of MiFID. Whilst the legislative measure giving effect to this revised timetable has not yet been finalised by the European Commission, we understand that the proposal has been well received and a formal confirmation is expected in the coming weeks.

As a result we have updated our original alert memo to reflect this change and a copy of that updated version is attached to this email.

If you have any questions on the implementation timetable for MiFID, or for further general information on any of the issues dealt with in this memo, please contact your usual Cleary Gottlieb contact or alternatively contact Simon Ovenden, Ben Kingsley or Abesh Choudhury in our London office on +44 20 7614 2200.

CLEARY GOTTLIEB STEEN & HAMILTON LLP