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European Commission confirms MiFID II delay

10 February 2016  |  17064 views  |  1 MiFID on tablet

The European Commission has confirmed a one-year delay to the introduction of new trading rules for capital markets firms under the MiFID II regime.

In announcing the well-flagged extension to 3 January 2018, the Commission cites the "exceptional technical implementation challenges" faced by regulators and market participants.

The European Securities and Markets Authority (Esma) called for a delay in the implementation late last year, reflecting troubles around the building of transaction and position reporting systems, for which the final technical rules had yet to be published. Under the MiFID II regime, Esma has to collect data from about 300 trading venues on about 15 million financial instruments.

Jonathan Hill, Commissioner for financial services, financial stability and capital markets union says: "Given the complexity of the technical challenges highlighted by Esma, it makes sense to extend the deadline for MiFID II. We will therefore give people another year to prepare properly and make the necessary changes to their systems. Meanwhile, we are pressing ahead with the level II legislation to implement MiFID II and expect to announce those measures shortly."

Comments: (1)

A Finextra member
A Finextra member 11 February, 2016, 12:00

For clients engaged on MiFID II projects, the new deadline is giving them much needed "breathing space" and the opportunity to address the particular requirements more strategically and less knee jerk. Now that the revised date is set, it is not an excuse to delay reviewing technology landscape needs particularly around pre-trade reporting, where capturing, cleaning, packaging and distributing of data is critical for regulatory compliance. Whatever the published deadline, MIFiD II will happen and MDX's proven experience, expertise and award winning technology stack addresses these areas

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