The European Commission is launching an interactive Web site to provide financial services firms, investors and trade associations with information on implementing the recently finalised Markets in Financial Instruments Directive (MiFID).
Web users cab see the answers to questions already asked, as well as post new queries. The EC says it aims to answer all questions raised within three months.
The Commission will consult with member states and with regulators before formulating answers to questions. It will also refer particular issues to regulators on a case-by-case basis.
Internal market and services commissioner Charlie McCreevy says: "Part of the Better Regulation approach involves striving to be as open and transparent as possible during the formulation and implementation of our single market directives.
"There is a great demand from clear and practical answers to a range of questions around MiFID in particular."
If the Web site is successful, the Commission says it will consider launching similar sites for other single market directives.
The EC's MiFID Web site is here:Your questions on MiFID