Last week saw the legislative proposal from the European Commission to delay the implementation date of MiFID II by one year, effectively confirming the delay.
This article on the Bloomberg web site quotes many who have issues with the way in which the delay has been introduced. For example, the new date is an absolute date, rather than one that is relative to the adoption of the Delegated Acts. The deadline for transposition of the rules into national legislation has also not been delayed, which could cause further difficulty.
This article on the FT Advisor web site looks at the FCA’s reaction to the delay, which broadly welcomes the extra time. It is noted that the delay should not give rise to a slow down in effort, as there is much to do.
In the energy and commodities market, the latest version of the Regulatory Technical Standards (RTS) on the ancillary activity test and position limits is also eagerly awaited, as are the Delegated Acts. It is these details that will permit market participants to properly assess the impact of MiFID II on their organisations.