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European Commission Confirms MiFID II Delay

In December 2015, EU capital market firms and banks requested the European Commission for a one year delay in implementation of new trading rules under MiFID II due to data complexity. They needed more time to beef up their IT systems to comply with the law’s intense data-reporting requirements.

The European Commission has confirmed a one-year delay for the same announcing the well-flagged extension to  January 3, 2018. Under the MiFID II regime, European Securities and Markets Authority (ESMA) has to collect data from about 300 trading venues on about 15 million financial instruments. So they called for a delay reflecting troubles around the building of transaction and position reporting systems.

News Characteristics

Date : Mar 04, 2016
Region : Europe
Industry : Capital Markets
Function : Regulation and Compliance
Sub-Function : Regulatory changes