Looking for another MiFID II delay? You’re out of luck
With a wide range of reporting and operational requirements being put in place when MiFID II goes into effect, few in the financial industry in the EU and globally are excited about the coming regulation. Initially scheduled to go into effect on January 2017, in early 2016, the European Commission delayed its enactment until January 2018.
As we approach 2018, many aspects of MiFID II requirements are still unclear. The European Securities and Markets Authority (ESMA) has been publishing opinions on how to define certain MiFID II rules. However, there are still many areas of the new regulation that require further explanations for firms to understand how to report.
As a result, many in the financial industry have been hoping that another implementation delay could be put in place. That line of thought though has been shot down recently by Steven Maijoor, Chair of ESMA.
“One delay has been enough”
In a speech at the IDX Derivatives conference in London, Maijoor stated that “Contrary to some recent coverage and commentary, MiFID 2/MiFIR will come into effect on 3 January 2018, there will be no further delay in its implementation”. He added that “One delay has been enough for all concerned.”
Despite some areas of the regulation still being unclear, Maijoor’s comments put to rest any expectations that financial firms will have more time to prepare for complying with MiFID II. He did add though that there will continue to consultation papers published with the goal of getting industry feedback to form final detailed rules.
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