The Council of the EU has adopted a regulation and a directive enacting a one-year delay to the new securities market rules. This was agreed with the EU Parliament in May.
The Council of the EU has adopted a regulation and a directive enacting a one-year delay to the new securities market rules. This was agreed with the EU Parliament in May. The postponement of transposition and application deadlines has become necessary because essential data infrastructures will not be in place on time. It will affect the provision of services for investments in financial instruments and the operation of regulated financial markets.
The rules comprise the regulation (MiFIR), aimed at improving transparency and competition of trading activities; and the directive (MiFID II), amending rules on the authorisation and organisational requirements for providers of investment services and on investor protection. Under the new regulation:
· the deadline for the member states to transpose MIFID II into national legislation is set for 3 July 2017; and
· the date of application of both MIFID II and MIFIR is set for 3 January 2018.
The Council of the EU has adopted a regulation and a directive enacting a one-year delay to the new securities market rules. This was agreed with the EU Parliament in May.
The Council of the EU has adopted a regulation and a directive enacting a one-year delay to the new securities market rules. This was agreed with the EU Parliament in May. The postponement of transposition and application deadlines has become necessary because essential data infrastructures will not be in place on time. It will affect the provision of services for investments in financial instruments and the operation of regulated financial markets.
The rules comprise the regulation (MiFIR), aimed at improving transparency and competition of trading activities; and the directive (MiFID II), amending rules on the authorisation and organisational requirements for providers of investment services and on investor protection. Under the new regulation:
· the deadline for the member states to transpose MIFID II into national legislation is set for 3 July 2017; and
· the date of application of both MIFID II and MIFIR is set for 3 January 2018.
