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The actual language in the directive could be interpreted in two very different ways when Ms. Rice testifies.
The European Commission launched a consultation last autumn soliciting for feedback on how the PSI Directive could be improved.
Changes already under way will reshape Europe's financial markets faster than a new directive could be drafted and adopted.
The directive could be challenged by the "yellow card" system in the Lisbon treaty, which allows a majority of member states to block a proposal.
"To address concerns that the proposed directive could be unlawful, that could mean a significant watering down of the sanctions facing companies that don't reach any target".
The directive could be passed by early next year though it will take longer to be transposed into national law.Investment banks, aware that the margins of the 1990s may have gone for good, are fighting against the erosion of their businesses by exchanges, clearing counterparties, and central securities depositories.
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Still, many specialists and patient advocates expressed caution, warning that the directives could be misinterpreted and applied too broadly at the expense of patients.
The revised directives could be adopted in early 2013, although the Cabinet Office admits this is dependent on various factors including discussions with the European Parliament.
In fact, changing these directives could be costly for businesses, as they have already adapted their practices to meet them, and they would have to start all over again if the laws are changed.
The legislators are amending existing directives on insurance, banking and investment services, so that they do not clash with the new directive, which could be EU law by the end of the year.By and large, European companies are happy with the present form of the directive.
And if we refused to comply with the directive, we could be hit with annual fines starting at around $600,000.
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