MiFID II: News Update June 2016

On 17 June 2016 the European Council adopted the Regulation and Directive enacting the one year delay to the implementation date for MiFID II and MiFIR.   This does not mean that the problems with it, and the difficulties of adjusting to it, are instantly deferred, and certainly not resolved.  Plans by MiFID firms, and others affected by the implementation of MiFID/MiFIR should continue apace, alongside development of the work on the necessary RTS and ITS by ESMA and work on local implementation by national regulators.

Given the Brexit vote, it may seem odd to plough full steam ahead with such updates but, as you might imagine, they were already in process, and it seems probable that the exit discussions will take some time such that asset managers still need to plan on the basis of current initiatives being implemented.