SIA Submits Comments to the European Commission on the Proposed Revision of the Investment Services Directive

The Securities Industry Association (SIA)* providescomments to the European Commission on the proposed revision of the Investment Services Directive (ISD). SIA supports efforts to eliminate obstacles resulting from the current ISD’s now outdated approach to the regualtion of market structure. SIA believes certain legislative measures are inconsistent with its state objectives, specifically article 25 of the2ISD proposal – “Obligation for investment firms to make public firm bid and offers.” In its current form it would restrict investor choice, reduce competition, and liquidity, and roll back the progress that has been made toward a single integrated European securities market.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.