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Headlines: Entry into force of MiFID II delayed with one year

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11/02/2016
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Today the European Commission has proposed a one year extension to the entry into force of Directive 2014/65/EU of 15 May 2014 on markets in financial instruments (MiFID II).

If approved, the new deadline is 3 January 2018.

It is important to note that this proposed extension will not have an impact on the timeline for adoption of the level 2 implementing measures under MiFID II and MiFIR. According to the European Commission in today’s communication, “[we] expect to announce those measures shortly”.

The likely delay should therefore not be an excuse to lose momentum. As noted in today’s online edition of the Financial Times, the European Commission rejected a call by several finance ministries pushing for more time to allow countries to put the rules on their statute books. As indicated in our MiFID II workshops, the Belgian implementation of the level 1 Directive is currently in preparation. 

That being said, the proposed delay allows MiFID firms to realign the tight timeframes and take (or reconsider) strategic choices to implement a measured and integrated implementation approach.

 

This headline is not a legal advice.

 

Liedekerke’s MiFID II Task Force was set up to offer our clients advice by a team of leading experts in financial services, corporate and tax law.