Representatives from the QCA Markets & Regulations and Legal Committees examined the European Commission's proposals on amending MiFID (the Markets in Financial Instruments Directive), which includes a call to create a framework in MiFID for specialised SME markets. The QCA strongly welcomed the proposal to create specialised SME markets. Other issues that the QCA focused on included trade reporting delays, the preservation of execution-only services, conflicts of interest, underwriting and placing, and access to third country firms to EU markets.