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Not yet coming over the hill 

December 21, 2015

Asset Servicing Times

As the European Commission ponders whether to delay the ‘monster’ that is MiFID II, all of those affected must decide what to do next.

Back in November, with just over 13 months to go until the scheduled implementation of the Markets in Financial Instruments Directive (MiFID) II, the European Securities and Markets Authority (ESMA) said what many market participants were thinking, and asked the European Commission to consider a delay.

ESMA chair Steven Maijoor said work on the directive was “by no means finished”, and suggested that, with the final draft technical standards yet to be finalised, market participants cannot finalise their plans for compliance. He said: “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.”

At the time of writing, the European Commission has not given a definitive response, although the European Parliament has said it is “ready to accept a one-year delay” provided the commission “finalises the impending legislation swiftly”, and many are all but relying on approval. Read more

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