A key vote which could see the European parliament officially object to proposals to ban commission for independent advisers in Europe could be delayed until September, Money Marketing understands.
The economic and monetary affairs committee is set to vote on its package of amendments to the markets in financial instruments directive II on July 10. But Money Marketing understands a lack of progress on agreeing some parts of the committee’s response to the Commission’s original proposals is likely to see the vote delayed until after the summer recess.
The European Commission proposals for Mifid II, published in October, would ban commission for advisers operating on an “independent” basis. In its March response to the Commission’s plan, the parliament proposes an amendment so all advisers simply have to disclose any commission. The vote would confirm this as the EP’s position. In June, the Council’s response came out backing the Commission’s proposed ban.
The FSA says rules would still allow countries to implement their own ban on commission, as it is doing with the RDR.
Once the Econ vote has happened, the three bodies will enter negotiations, known as a trialogue, to hammer out the final rules which will be put to a full vote of the European parliament.