BRUSSELS, Dec 5 (Reuters) - Most European Union countries have not yet adopted revised financial markets rules known as MIFID 2, the vice-president of the European Commission said on Tuesday, urging them to adapt national legislation before the rules come into force.
The EU’s revamped Markets in Financial Instruments Directive, known as MIFID II, comes into force on Jan. 3.
In a public session of a meeting of EU finance ministers in Brussels, Valdis Dombrovskis urged governments to adopt the new rules before the end of the year.
The Commission said 17 of the 28 EU states had not fully transposed MIFID 2 into national legislation.
Investment firms and market operators in states that fail to apply the rules in time could face disruptions to their activities. (Reporting by Francesco Guarascio; Editing by Mark Potter)