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Mifid II delayed due to ‘exceptional’ regulatory challenges

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The European Commission has extended the deadline for member states to comply with Mifid II due to the “exceptional” challenges firms and regulators face in preparing for the new rules.

The move, which was widely expected, pushes the implementation date back from next January to 3 January 2018.

The Mifid II rules include a requirement to disclose all charges relating to a product to investors upfront, a different independence definition to the UK and tougher inducements rules. The FCA was due to issue its Mifid II policy statement in June.

The European Commission says it has taken this decision in light of the “exceptional technical implementation challenges faced by regulators and market participants”.

European Commissioner for financial services, financial stability and capital markets Jonathan Hill says: “Given the complexity of the technical challenges highlighted by European Securities and Markets Authority, 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.”

Last week Esma chair Steven Maijoor said a 12-month delay to Mifid II may still not be enough time to allow the industry to prepare.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Well hopefully by them we will have voted for the Brexit so it won’t matter anyway…

  2. If the Mortgage Credit Directive and ESIS is anything to go by roll on Brexit, some of the assumptions beggar belief. As always anything designed by a committee trying to accommodate a wide range of views is bound to end up as a dogs breakfast.

  3. Because ‘Brexit’ will be an overnight change. Not a two year consultation on how we will exit, followed by 5 years of negotiations with business, another 10 years of legislation making and approving. If we vote out in 2016 we wont be out before 2030. And probaly bankrupt.

  4. “exceptional” challenges? I’ll say.

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