EU Financial Instruments Directive Goes into Effect in November

Politics » BULGARIA IN EU | May 15, 2007, Tuesday // 00:00
Bulgaria: EU Financial Instruments Directive Goes into Effect in November European Commissioner in charge of internal markets Charlie McCreevy feels the directive is close to becoming law in all 27 EU member states. Photo by Nadya Kotseva (Sofia Photo Agency)

The EU's directive on financial instruments will enter into force on November 1, European Commissioner in charge of internal markets Charlie McCreevy said in Sofia on Tuesday.

"The introduction of this directive into the legislation of the member states has already been delayed and I would not like to see another delay," he told reporters.

McCreevy added that finance ministers of the 27 member states have already been warned to speed up the introduction of the directive.

Bulgaria will incorporate the directive into its legislation in June, when the Parliament is expected to adopt a law on financial instruments markets, Bulgarian Finance Minister Plamen Oresharski said.

The goals of the directive is to ensure a higher degree of protection for investors, enforce a higher demands for transparency and outline the procedures for settling disputes.

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