TAILIEUCHUNG - Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Mental accounting is the common tendency to create artificial budgets covering different categories of spending and saving. People use this technique to evaluate and keep track of their finances but it can lead to seemingly irrational decisions such as saving at low interest rates whilst simultaneously borrowing at high rates. Status quo bias is the tendency for people to stick with their prior choices. It is therefore relevant to the selection of financial products and the incentive to stay informed. The surprisingly powerful influence of default options is consistent with this bias. There is a set of biases involving incorrect information processing. | EUROPEAN COMMISSION Brussels COM 2011 656 final 2011 0298 COD Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on markets in financial instruments repealing Directive 2004 39 EC of the European Parliament and of the Council Recast Text with EEA relevance SEC 2011 1226 final sEc 2011 1227 final EXPLANATORY MEMORANDUM 1. Context of the Proposal The Markets in Financial Instruments Directive MiFID in force since November 2007 is a core pillar in EU financial market integration. Adopted in accordance with the Lamfalussy process1 it consists of a framework Directive Directive 2004 39 EC 2 an implementing Directive Directive 2006 73 EC 3 and an implementing Regulation Regulation No 1287 2006 4 MiFID establishes a regulatory framework for the provision of investment services in financial instruments such as brokerage advice dealing portfolio management underwriting etc. by banks and investment firms and for the operation of regulated markets by market operators. It also establishes the powers and duties of national competent authorities in relation to these activities. The overarching objective is to further the integration competitiveness and efficiency of EU financial markets. In concrete terms it abolished the possibility for Member States to require all trading in financial instruments to take place on traditional exchanges and enabled Europewide competition between those exchanges and alternative venues. It also granted banks and investment firms a strengthened passport for providing investment services across the EU subject to compliance with both organisational and reporting requirements as well as comprehensive rules designed to ensure investor protection. The result after years in force is more competition between venues in the trading of financial instruments and more choice for investors in terms of service providers and available financial instruments progress which has been compounded by technological advances. Overall .

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