On 10 February 2016, the European Commission published proposals granting Member State competent authorities and market participants one additional year to comply with MiFID II. A further Commission proposal covered the position as regards the delay to MiFID II and the consequences for the applicability of the Markets in Financial Instruments Regulation (MiFIR), the Market Abuse Regulation (MAR) and the Central Securities Depositories Regulation (CSDR). Our blog entry on the Commission’s proposal can be found here
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has now published draft reports covering the Commission’s proposals. In relation to the Commission’s proposal concerning MiFIR, MAR and the CSDR the Parliament adopts it as it stands.
However, in relation to the Commission’s proposal concerning the delay to MiFID II the ECON adds a legislative resolution proposing an amendment to article 93(1) MiFID II. The proposal is to change the date by which Member States must adopt and publish the laws and administrative provisions necessary to comply with MiFID II from 3 July 2016 to 3 July 2017. The reason given for the amendment is the fact that the implementing legislation under MiFID II is still not available and that the date of transposition should be adapted in line with the overall delay to allow Member States to transpose MiFID II properly.
