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Legal review delays MiFID II RTS 

May 15, 2015

Helen Bartholomew, IFR Asia

The European Securities & Markets Authority has delayed its submission of draft regulatory technical standards for the second Markets in Financial Instruments Directive and the accompanying Markets in Financial Instruments Regulation by three months, to September.

The RTS was originally due to be sent to the European Commission for comment and approval in in July this year, exactly one year after MiFID II entered into force on July 2 2014.

The delay reflects an “early legal review”  ahead of submission to the EC to ensure the legality and regulatory consistency of new standards, and it is anticipated that the change won’t have any impact on the planned January 2017 implementation date for new rules that govern trading and transparency of securities and derivatives.

Legal experts believe that the latest delay could reflect a wider shift in the shape of the regulatory dialogue by bringing the Commission into the rule-writing process at an earlier stage to ensure that ESMA is acting within its mandate under the Level One text.

Read more: IFR Asia

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