ESMA have updated their table which shows the status of Technical Standards across different EU financial legislation. It can be found here. There is clearly a large September workload for both the European Commission and Parliament in order to finalise rules to allow sufficient time for implementation of MiFID II.

The energy and commodities sector also awaits the next version of the Ancillary Activity test from the Commission. This was “passed back” to them by ESMA in May, so that they may decide on the question of whether to re introduce a test based on capital into the rules. The final version of the test will determine whether commodity and energy market participants will be required to set up MiFID “regulated entities”.