ESMA’s work on the single rule book for EU financial markets, set out in its
2014 work programme, shows the bulk of MiFID II/MiFIR deliverables falling into the last quarter. With the Level 1 text still expected to be agreed by the end of 2013, the revision of MiFID and MAD will then unfold into advice, technical standards and guidelines
over the following year.
I’m interested to see how ESMA further develops its relationships with stakeholders and financial market participants during the coming consultation phase. Perhaps, soon, we really will start to see the end of the tunnel approach!