European Commission Confirms One Year MiFID II Delay
Delay of MiFID II entry to application confirmed for Jan. 3, 2018 due to “exceptional technical implementation challenges.”
The MiFID II delay has been widely expected since early November last year and the European banking regulation is now set to come in to force on Jan. 3, 2018, a year later than planned.
A statement from the European Commission said the decision had been reached due to "exceptional technical implementation challenges faced by regulators and market participants" and "the complex technical infrastructure that needs to be set up for the MiFID II package to work effectively".
The European Commission also states that the European Securities and Market Authority (ESMA) would have been unable to fulfill its obligation of collecting data from 300 trading venues on 15 million financial instruments, as "neither competent authorities, nor market participants, would have the necessary systems ready by 3 January 2017", according to ESMA.
"Given the complexity of the technical challenges highlighted by ESMA, it makes sense to extend the deadline for MiFID II," said Jonathan Hill, commissioner for financial services, financial stability and capital markets union, in a statement. "We will therefore give people another year to prepare properly and make the necessary changes to their systems. Meanwhile, we are pressing ahead with the level II legislation to implement MiFID II and expect to announce those measures shortly."
In November, WatersTechnology spoke to vendors about their thoughts on the potential of a MiFID II delay.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Waters Wavelength Ep. 299: ACA Group’s Carlo di Florio
Carlo di Florio joins the podcast to discuss regulations.
IEX, MEMX spar over new exchange’s now-approved infrastructure model
As more exchanges look to operate around-the-clock venues, the disagreement has put the practices of market tech infrastructure providers under a microscope.
FCA to publish bond tape tender details by end of January
Market participants must wait a month longer than expected for the regulator’s draft tender document, which will see several bidders vie for the chance to build the UK’s long-awaited consolidated tape for bonds.
Too ’Berg to fail? What October’s Instant Bloomberg outage means for the industry
The ubiquitous communications platform is vital for traders around the globe, especially in fixed income and exotic derivatives. When it fails, the disruption can be great.
New data granularity rules create opportunities for regtech providers
As evidence, Regnology increased its presence in North America with the addition of Vermeg's Agile business—its 8th acquisition in three years—following a period of constriction and consolidation in the market.
Bond tape hopefuls size up commercial risks as FCA finalizes tender
Consolidated tape bidders say the UK regulator is set to imminently publish crucial final details around technical specifications and data licensing arrangements for the finished infrastructure.
The Waters Cooler: A little crime never hurt nobody
Do you guys remember that 2006 Pitchfork review of Shine On by Jet?
Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T
Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.
