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ESMA asks for MiFID II delay 

November 17, 2015

Stephanie Palmer, Asset Servicing Times

The European Securities and Markets Authority (ESMA) has requested a delay to the implementation of Markets in Financial Instruments Directive (MiFID) II, with chair Steven Maijoor saying that work on the regulation is “by no means finished”.

ESMA published its final draft technical standards on MiFID II in September, and the next technical standards package is in the pipeline.

Speaking to the Economic and Monetary Affairs Committee of the European Parliament, Maijoor said that although this package is not as large as the previous one, it will include standards on things like position reporting, which “represents one of the many significant implementation challenges for national supervisors and ESMA”.

He suggested that building the IT infrastructures necessary to comply with these standards can only really begin once the standards are finalised, and argued that these systems will be integral to the successful implementation of MiFID II.

He said: “I am not going to surprise anybody in the room when saying that the timing for stakeholders and regulators alike to implement the rules and build the necessary IT systems is extremely tight. Even more, there are a few areas where the calendar is already unfeasible.” Read more

 
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