MiFID II Delayed
Of Relevance To
Current MiFID firms and those entities falling under the MiFID II regime.
MiFID II Delayed
The implementation date of the MiFID II framework (both the Directive and the Regulation) has now been formally extended by one year – see Regulatory Roundup 70 (‘MiFID Wobble’).
Under Article 93(1), second paragraph, of the revised MiFID the UK, and other Member States, had to implement the new regime from 3 January 2017. Under a European Commission proposal the new date is now 3 January 2018.
The change in the date means that (most) of the other dates appearing within the MiFID II framework will also be extended by a similar period. The changes are set out in the draft amending Directive and Regulation.
One date that was not changed in the European Commission proposal is that in Article 93(1), first paragraph, which requires Member States to adopt and publish all the laws, regulations etc. required to comply with the Directive by 3 July 2016. However a separate, and subsequent, report published by ECON (the Economic and Monetary Affairs Committee of the European Parliament) proposes that this date be extended to 3 July 2017.
Key Dates
- MiFID II to be implemented from 3 January 2018.
- Necessary regulations etc. to be adopted and published by 3 July 2017.
- See Article 1 in both the Amending Directive and the Amending Regulation for changes to all other dates.
- See Amendment 1 in the ECON proposal for revision to adoption of all necessary provisions.