As the i’s are dotted and the t’s crossed in the MiFID II Level 1 text ahead of its June publication in the EU’s Official Journal, ESMA is already gearing up for Level 2.

In order to produce all the required documents ESMA is expected to run two consultations, one for the advice on the delegated acts – for which MiFID II’s entry into force triggers a six month delivery deadline – and the other for the technical standards for which ESMA expects to publish a draft in a second consultation in Q1 2015.

These are challenging timescales and it’s likely that stakeholders will spend much of June and July considering their responses to the first of these consultations. So, before heading off for some summer sun, you may want to pack your MiFID II reading glasses alongside your beach towel.