Romanian brokerage houses could close on costs to apply new EU financial standards

Several Romanian brokerage houses could be forced to shut down business due to the high costs related to implementing the Markets in Financial Instruments Directive (MiFID) and Basel II, the head of the country’s National Securities Commission (CNVM), Gabriela Anghelache, said.MiFID, which introduces a single market and regulatory system for investment services across the 27 European Union member states and Norway, Iceland and Lichtenstein, comes into effect on November 1, 2007, when it ...

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