Peter De Proft said that, while the European Fund and Asset Management Association (EFAMA) supported the Markets in Financial Instruments Directive II, which is aimed at increasing financial transparency, there is a general feeling that the industry should be given more time.
“The consensus is yes, of course we want transparency, but this important piece of legislation should not be rushed through. There needs to be proper time and consideration given to this”, he said. “Let’s create a perfect framework and system that benefits clients.”
He added that MiFID was a “hugely important and hugely significant” piece of legislation, meaning it is vital to look thoroughly at all the issues it may create before it is implemented.
“We are trying to be constructive and its implementation is currently a work in progress,” he said.
Discussion at EFAMA’s annual general meeting was centred on the impact of implementation of EU and global initiatives such as MiFID II.