European Parliament accepts possible delay MiFID II


In an official statement that was published by the European Parliament on Friday 27 November 2015, MiFID II Rapporteur Markus Ferber tentatively accepted a one-year delay of the implementation deadline.

The statement says: “The European Parliament’s negotiation team has informed the European Commission that we are ready to accept a one-year delay of the entry into force of MiFID II. However, this only applies if the Commission finalises the implementing legislation swiftly and thereby takes into account the European Parliament’s priorities.”

Penner explained that the “Commission and ESMA need to come up with a clear roadmap on the implementation work and especially for setting up the IT-systems” and that he expects “that the European Parliament will be informed regularly and comprehensively about any progress in the implementation work.”

Earlier this month, Steven Maijoor (Chairman of the ESMA) already flagged his concerns about the “extremely tight” timetable of MiFID II and said that delaying certain parts of it might be needed.

The MiFID II negotiation team has today similarly expressed its concerns in a letter to Commissioner Hill, stating that they are “open to considering a wholesale delay of the application of MiFID II – MiFIR” on the conditions that the Commission adopts the foreseen level-2 measures as soon as possible, that it takes the utmost account of the team’s remarks on their content and that the Commission will report regularly to the Parliament.

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