Ljubljana, 02 February (STA) - The government adopted on Friday a bill on financial instruments markets, transposing the namesake overhauled EU directive, which the bloc adopted in response to the financial and economic crisis.
The bill will introduce into the Slovenian legal order the directive on markets in financial instruments (MiFID 2), the Government Communication Office said.
It will define in more detail the rights of investors and obligations of investment companies and supervisory bodies.
It will also set down rules for full and transparent repayment of investors in case of bankruptcy of a stock brokerage or any other investment firm.
Thus, investors will be better protected, as investment firms are obliged to act in the interest of their clients, according to the government.
MiFID 2 and the accompanying MiFIR regulation entered into force on 3 January.
They had been designed in response to the financial crisis to improve the rules governing financial markets to make them more transparent, efficient and resilient, and to better protect investors.
Thus, the EU would like to prevent highly speculative deals which in 2008 shook the foundations of the financial sector, leading to the financial and economic crisis in the EU and US.
On 25 January, the European Commission issued Slovenia its second warning for not implementing the directive.