MiFID II – Regulators confirm – No more delays

The head of the main European markets regulator has confirmed there will be no further delay to MiFID II.

Due to come into effect on 3 January 2018 and with its implementation having already been put back a year to allow more time to prepare, EMSA has moved to confirm that there will be no further delays granted.

In spite of the extra time many banks, brokers and asset managers are still making preparations and will continue to do so right up to the deadline. With some of technical ruling yet to be finalised, development programmes ongoing, testing and numerous our regulatory requirements to consider and comply with, the industry is set for a challenging second half of 2017. This has lead to views and comments from some quarters that there could be further movement to the Jan 2018 date.

However, ESMA chair, Steven Maijoor, said in his recent London speech “Contrary to some recent coverage and commentary … there will be no further delay in its implementation. One delay has been enough for all concerned,”

He added that ESMA would shortly publish a consultation paper on which derivatives trades would have to be traded electronically on a trading venue, rather than privately between banks.

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