About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

European Commission Proposes One-Year Postponement of MiFID II Compliance Deadline

Subscribe to our newsletter

The European Commission has responded to the European Securities and Markets Authority’s (ESMA) request to postpone the compliance deadline of Markets in Financial Instruments Directive II (MiFID II) with a proposal for a one-year extension of the deadline to 3 January 2018.

While the proposal, which must be approved by the European Parliament and EU member states, could give financial firms some relief in the run up to compliance, it does not explicitly change the 3 July 2016 deadline for member states to transpose the EU regulation into national law. This problem is confounded by the fact that ESMA’s latest Regulatory Technical Standards, published in September 2015, have not yet been approved by the Commission and continue to cause uncertainty in the market about how the regulation’s rules should be implemented.

Despite the uncertainty and the Commission’s proposed postponement of MiFID II, industry experts speaking at last week’s A-Team Group Intelligent Trading Summit in London made it clear that the extensive challenges of MifID II mean firms must continue implementation programmes using all available information from ESMA whatever the compliance deadline.

The Commission stated that the postponement would ‘take account of the exceptional technical implementation challenges faced by regulators and market participants’. Jonathan Hill, commissioner for financial services, Financial Stability and Capital Markets Union, expanded on this, saying: “Given the complexity of the technical challenges highlighted by ESMA, it makes sense to extend the deadline for MiFID II. We will therefore give people another year to prepare properly and make the necessary changes to their systems. Meanwhile, we are pressing ahead with the level II legislation to implement MiFID II and expect to announce those measures shortly.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Managing Non-Financial Misconduct Under SMCR

Non-financial misconduct – encompassing behaviours such as bullying, sexual harassment, and discrimination is a key focus of the Senior Managers and Certification Regime (SMCR). The Financial Conduct Authority (FCA) has underscored that such misconduct is not only unethical but also poses significant risks to a firm’s culture and operational integrity. Recognizing the profound impact on...

BLOG

What the SEC’s New Treasury Clearing Rule Means for Dealers and Buy-Side Firms

Since December 2023, the Securities and Exchange Commission (SEC) has been steering the U.S. Treasury market toward a structural shift: mandating central clearing for broad categories of cash and repo trades in U.S. Treasuries. The objective is clear, reducing counterparty risk, improving transparency and operational resilience. But the transition presents several challenges that have yet...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...