The Markets in Financial Instruments Directive (MiFID) aims to create a single European market for financial services, joining 27 member states of the European Union plus Iceland, Liechtenstein, and Norway. But many firms in those nations are struggling to comply with the directive's recordkeeping responsibilities, recent surveys reveal. Article 51 of the directive requires financial firms to retain records in a transparent, auditable way for at least five years after a transaction takes place. Firms that don't comply with their new responsibilities could be fined hundreds of thousands of euros. Experts say US-listed firms will be better prepared for MiFID because they have already had to introduce controls to comply with the Sarbanes-Oxley Act.