Mifid II: Timing Update, Organisational Requirements, Operating Conditions And Defined Terms

TIMING UPDATE

In our February 2016 Client Briefing, we confirmed that the European Commission had signalled its intention to extend the application date for MiFID II by one year to 3 January 2018.

The status of the proposed extension (which will take the form of both a directive and a regulation) is as follows:

• the proposals are currently scheduled to be considered by the European Parliament between 6 and 9 June 2016; and
• the ECB issued an opinion on 29 April 2016:
  
  
  • suggesting that the transposition deadline for Member States also be deferred by 1 year for consistency purposes; and
  • noting that the 1 year delay would not affect the timeline for adopting the required Level 2 measures.