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Confirmed by the EC - MiFID II delayed until 2018
3rd March 2016
The European Commission (EC) have now officially proposed an extended application of MiFID II by one year to 3 January 2018.
Application of the revised Markets in Financial Instruments Directive, known as MiFID II, has had a one year extension proposed by the EC, providing a new deadline for implementation across Europe of 3rd January 2018.
By why the 12 month extension? MiFID II poses exceptional technical implementation challenges for both regulators and market participants. For MiFID II to work effectively, a complex technical infrastructure needs to be set up as ESMA (the European Securities and Markets Authority) has to collect data from about 300 trading venues on about 15 million financial instruments.
The EC has however now been informed by ESMA that neither competent authorities, nor market participants, would be able to have the necessary infrastructure and systems in place and ready for the original deadline for implementation on 3 January 2017.
Thus, in order to avoid legal uncertainty and potential market disruption and given these exceptional circumstances, an extension was considered necessary.
MiFID II Delayed until 2018
MiFID II will now be implemented in Europe in 2018 not 2017 following an extension by the European Commission.
MiFID II Compliance Support
If your firm is currently reviewing how MiFID II will impact your business and require support or assistance in planning for MiFID II implementation, please contact our experienced regulatory & compliance support team, who would be happy to help.
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