The European Commission has referred the Czech Republic, Poland and Spain to the European Court of Justice for their failure to implement the “Markets in Financial Instruments Directive” (MiFID) and its implementing Directive. The MiFID creates a new legal framework for the provision of investment services in the European Union. A key feature of the MiFID is the option for investment firms to use the authorisation obtained in one EU Member State to provide financial services in another Member State. The deadline for implementation of the MiFID expired on 31 January 2007 and its provisions have been applicable since 1 November 2007. The failure of these Member States to implement the MiFID would deprive investment firms from the opportunity to benefit fully from the new regime.