Mifid Review: Principal Issues and Possible Impact on Financial Intermediaries" Business Lines

Emilia Petrocelli, Head of Legal Department, IW Bank S.p.A., Italy

On 8 December 2010, the European Commission (EC) published a far-reaching consultation on the revision of the Markets in Financial Instruments Directive (“MiFID”), that came into force on 1 November 2007 . The review of MiFID, the principal piece of European securities legislation, is part of the EC’s ongoing efforts to fulfil the targets set out by the G-20 “to improve the regulation, functioning, and transparency of financial and commodity markets to address excessive commodity price volatility”.

Emilia Petrocelli began her career in 2002 at Consob, Italy's stock market and corporate regulatory body, at Intermediaries’ Division, Banks and Financial Intermediaries’ Supervision Department, where she took part in the Italian financial law review, for the implementation of MiFID. In November 2007 she joined IW Bank S.p.A. as Head of Legal Department. From May 2008 to June 2010 she also held the role of Chief Compliance Officer of the bank. As Head of Legal Department, Ms. Petrocelli gives legal advice, in the field of banking and financial services law and of company law (with special focus to the listed companies' regulation) She also cooperates with all the bank's Departments, studying the legal impact of new projects in which the bank is involved.

IW BANK S.p.A. is the on line bank of UBI Banca Group, one of the largest banking Groups in Italy.