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No summer break for MiFID II

You may have noticed that the MiFID II Regulatory Technical Standards (RTS) continue to roll off the press at a steady pace signalling finalisation of the Level 2 detail. Last week alone seven RTS documents were adopted by the European Commission, including the long-debated RTS 2 on non-equity transparency and also an RTS on registration of third country firms which could become the focus of significantly more interest in light of the Brexit vote. Only a few documents now remain outstanding.

The next stage following the Commission’s adoption is the European Parliament/Council scrutiny of the standards and thereafter – subject to agreement – I’d anticipate that Level 2 could be completed and published in the Official Journal as early as the end of August.


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