See here for an article on the Bloomberg web site about pressure from MEPs Markus Ferber and Roberto Gualtieri on the European Commission to proceed quickly in finalising the MiFID II rules. In particular, the market awaits the finalisation  of the Delegated Acts and also some Regulatory Technical Standards (RTS).

The commodities and energy markets particularly await the finalisation of RTS’s 20 and 21, around the ancillary activity test and position limits. Without clarity on the ancillary activity test, it is very hard for market participants to determine their status under MiFID II, and whether they will be obligated to set up a regulated entity.

Setting up such an entity is time consuming and difficult. While the delay of a year aids this process, a continued lack of clarity in status could mean that those caught by the full MiFID II will find insufficient time left to carry out the necessary work before January 2018.