EUROPEAN UNION: European Parliament approves revised date of entry of MiFID II and related amendments

Tuesday April 12 2016

The European Parliament’s Economic and Monetary Affairs (ECON) Committee has voted on the Commission’s proposal to delay the entry into force of MiFID II by a year.

Apart from adapting the dates, the ECON committee also voted in favour of a few targeted amendments to create a specific transparency regime for packaged transactions, introduce a clarification for the own account exemption and exempt securities financing transactions from the MiFID II transparency rules.

The European Parliament’s Rapporteur for MiFID II, Markus Ferber, MEP, explained:

“The failure of the European Commission to come up with the pieces of implementing legislation that are needed to fully implement MiFID II made today’s vote necessary. Today’s vote will help giving Member States, supervisory authorities and market participants enough time to transpose and implement the new provisions. Now it is up to the Commission to finally deliver the implementing legislation. Apart from adapting the dates, the European Parliament also took the opportunity to amend certain other aspects of MiFID II that have proven to be problematic.”

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