UK Treasury Minister Ed Balls released the text of a letter he wrote on May 15 to Charlie McCreevy, European Commissioner for the Internal Market and Services, setting out his concerns over the potential failure of some EU Member States to implement the Markets in Financial Instruments Directive (MiFID) by the November 2007 deadline.

The letter welcomes the European Commission’s efforts to force Member States to implement MiFID on time and urges it to maintain the pressure on member states to ensure the implementation deadline is successfully reached. So far only the UK, Romania and Ireland have enacted the necessary domestic legislation and regulations needed to implement into national law the measures set out in MiFID. The failure of other Member States to do this will make it difficult or impossible to achieve the envisaged single market in financial services.