The Directive[1] and Regulation[2] providing for a one-year delay for the date of applicability of MiFID II and MiFIR were published in the Official Journal of the EU on 30 June 2016.
Published in the Official Journal of the EU on 15 May 2015, entered into force on 4 June of the same year, transposed into national law before 3 July 2016, and finally fully applicable as from 3 January 2017. That was the timeline scheduled for the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). However, it has been clear for some time now that this timeline was somewhat too ambitious.
Due to the size and complexity of the data to be collected and processed for the new legal framework to become operational, ESMA and NCAs could not ensure that the infrastructure would be ready by 3 January 2017. Since this would have implications across the entire scope of the new legal framework, it was deemed appropriate to defer both the date of transposition into national law and the date of applicability with one year. MiFID II is now supposed to be transposed into national law by 3 July 2017, and both MiFID II and MiFIR will become fully applicable as from 3 January 2018.
In order to ensure conformity, the application of some parts of both the Market Abuse Regulation[3] and the Regulation laying down rules for improving securities settlement in the EU[4] that intertwine with MiFID II/MiFIR has also been postponed until 3 January 2018.
Related links:
For more information about Regulatory compliance, please contact Géraldine D’Argembeau.
[1] Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments.
[2] Regulation (EU) 2016/1033 of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories.
[3] Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.
[4] Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012.
