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Mifid, Uncategorized

We’re back -Talk of further MiFID II delays

This blog is now back after an unexpected “outage” due to unforeseen circumstances.

Last Monday saw Steven Maijoor, chair of ESMA, make comments, reported here on the Reuters website, that the proposed one year delay of MiFID, to January 2018, is not enough. Despite support from ESMA, the European Parliament, the European Commission and other bodies no official ratification has taken place. The slow pace of ratification, not only of the delay but of the various Regulatory Technical Standards mean that the work required to implement MiFID is hampered by uncertainty. The minutes of the latest FCA MiFID II Round table, published here, indicate that the uncertainty is causing many smaller firms to push back their implementation efforts.

In the energy and commodity trading sector, the lack of finality over the ancillary activity tests add to the uncertainty. best practice is to push ahead with as much effort as is feasible, using the information now available. However this is not always easy when the rules are far from final.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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