EC delays financial markets directive 1 year
Technical complications forced the European Commission to delay the update of the Markets in Financial Instruments Directive by a year to January 2018.
The Commission said the deadline was extended “to allow the technical implementation work to be finalized,” and would not have an impact on the adoption of so-called level II measures.
The ambitious reform of securities markets rules will take into account “the exceptional technical implementation challenges faced by regulators and market participants.”
The MiFID II rules, as they are known, aim to improve financial regulation in the wake of the 2008 financial crisis. They would increase regulation of trading venues, control algorithmic trading, improve transparency of the financial markets and protect investors by improving access to information.
Application of the MiFID II package would require a “complex technical infrastructure,” says the Commission, that needs to be put in place by national regulators and market participants under the supervision of the European Securities and Markets Authority (ESMA).
Markus Ferber, rapporteur on MiFID II in the European Parliament, welcomed the proposal but blamed the Commission for announcing the delay four months after ESMA signaled problems with the timeline.
The Commission did not delay the transposition for member countries which is scheduled for July 3. Ferber complained it would make it “almost impossible for member states to transpose all relevant provisions in time.”
Click Here: NRL Telstra Premiership