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Mifid

European Council adopts MiFID delay

The European Council have adopted the delay by one year of MiFID II and MiFIR, the latest step in formalising the move of the start date from 3 January 2017 to 3 January 2018. The press release can be found here. The adoption follows the approval by the European Parliament which was voted recently.

The energy and commodities sector is affected by MiFID II in several ways, including position limits, changes in the definition of a financial instrument, and the introduction of the “Organised Trading Facility” (OTF). However the key rules, around whether energy and commodity traders must set up MiFID regulated entities, have not yet been finalised. The “Ancillary Activity test”, found in Regulatory Technical Standard 20, has been passed back the to European Commission for further consideration.

 

 

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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