Ruairi Quinn (Dublin South East, Labour)
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Question 242: To ask the Minister for Finance if he will confirm that EU Directive 2004/39/EC will be implemented before 30 April 2006; if the directive will not be implemented by 30 April 2006 the reason Ireland will not meet its obligations to implement this directive before the deadline; and if he will make a statement on the matter. [12943/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Markets in Financial Instruments Directive (MiFID) 2004/39/EC was adopted on 21 April 2004 and published in the EC's Official Journal on 20 April 2004. The original deadline set for its transposition was two years after its publication, ie 30 April 2006. However, this was subsequently revised, owing to the very technical nature of the directive and the resources which would be required to comply with it. The new deadline is 31 January 2007 for transposition and a deadline for industry of 1 November 2007. Arrangements for transposition in Ireland are well advanced.