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Mifid

European Council confirms MiFID II delay

The European Council has issued this press release confirming agreement with the European Parliament to the one year delay to the start of MiFID II, from 3 January 2017 to 3 January 2018. The press release alludes to the reasons around the delay, and also confirms the new transposition deadline of 3 July 2017, by which time member states must implement MiFID II into local law.

The one year delay to MiFID II has caused some firms to take a more strategic approach to implementation, as reported in this article in The Trade News. Many are using the delay as an opportunity to implement some of the rules more efficiently, for example by adopting a holistic approach to data reporting.

In the energy and commodities sector, many are waiting for the next version of RTS 20 to be released by ESMA. This contains the rules around the ancillary activity test, which determines whether market participants will be required to set up a regulated entity, that will need to comply with the majority of the MiFID II requirements. The new version is due to be released by the end of May.

 

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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