The Times Harry Wilson Last updated at 12:01AM, September 2 2015
Britain, France and Germany have lodged an urgent appeal against new European Union rules that they warn could have “significant negative implications” for financial markets.
The EU’s three largest member states have taken the rare step of acting together to block the updates to the markets in financial instruments directive, known as Mifid, which had been due to come into force.
They are concerned that the revamped Mifid could have “unintended consequences” for research and investment advice and may make some services provided today illegal in future, according to a copy of a letter cited by Reuters.
The countries have demanded that the European Securities and Markets Authority, Europe’s Paris-based financial regulator, look again at the new rules, which they argue “do not reflect the agreement” on post-crisis market regulation reached by EU members and the European Parliament. The so-called Mifid II rules are due take effect from January 2017.