The Permanent Representatives Committee has agreed, on behalf of the Council of the EU, its negotiating stance aimed at extending by one year the application dates of MiFID II and MiFIR. Under the Council’s approach:
- the deadline for the member states to transpose MiFID II into national legislation would be set for 3 July 2017; and
- the date of application of both MiFID II and MiFIR would be set for 3 January 2018.
The Council has also included amendments to the Commission’s proposal in its negotiating mandate. These concern trading on own accounts, package transactions, alignment with the EU Directive on securities financing transactions and the date of application of certain provisions of the Market Abuse Regulation.
View Markets in financial instruments: negotiations to start on one-year delay, 28 April 2016