It seems there’s to be no early MiFID II Christmas present as agreement on the Level 1 text slips into 2014. Publication of the final text is now hotly anticipated to be in January or February next year at the latest, to avoid running into the European parliamentary elections in May. Thereafter, as ESMA gets to grips with the tasks ahead, 2014 will bring discussion papers and consultations on the detail of the Level 2 technical standards over the next 12 to 18 months. So we are likely looking at 2016 for measures to apply (30 months from entry into force), although some regulation may apply earlier.

So, with no extra holiday reading, enjoy the festive break before it all kicks off big time next year!