In our February 2016 Client Briefing, we confirmed that the European Commission had signalled its intention to extend the application date for MiFID II by one year to 3 January 2018.
The status of the proposed extension (which will take the form of both a directive and a regulation) is as follows:
- the proposals are currently scheduled to be considered by the European Parliament between 6 and 9 June 2016; and
- the ECB issued an opinion on 29 April 2016:
- suggesting that the transposition deadline for Member States also be deferred by 1 year for consistency purposes; and
- noting that the 1 year delay would not affect the timeline for adopting the required Level 2 measures.