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MiFID II Changes to be Debated in European Parliament

In December 2015, European banks and capital market firms requested the European Commission for a one year delay in implementation of new trading and transparency rules under MiFID II due to data complexity. Industry players requested more time to beef up their IT systems in order to comply with the intense data-reporting requirements. This request appears to have paid off, after politicians agreed to review three controversial elements of the text, including a carve-out for so called package trades prior to a February 29 deadline.

MEPs were expected to vote on four changes to MiFID II text on March 17. The changes became possible when legislators moved to postpone the second Markets in Financial Instruments Directive and its accompanying regulation (MiFID II and MiFIR), but some had warned against making other changes in reporting.

News Characteristics

Date : Mar 16, 2016
Region : Europe
Industry : Capital Markets
Function : Regulation and Compliance
Sub-Function : MIFID