Executive Summary
On 10 February 2016, the College of Commissioners officially
announced its final position concerning the delayed entry into
force of the revised Markets in Financial Instrument Directive
("MiFID II/MiFIR"). As anticipated, the one-year delay
will apply to the package in full, leaving a more realistic
timeline to "take account of the exceptional technical
implementation challenges faced by regulators and market
participants" as stated by the European Commission.
In the course of April 2016, the European Commission has
adopted the MiFID II Delegated Directive covering
investor protection, and the MiFID II Delegated Regulation
covering organisational requirements and operating
conditions for investment firms. Generally, the published
delegated acts confirmed the high regulatory maturity of
several subjects but we are still waiting for the totality of
level 2 measures and potential further clarifications.
The Commission has notably taken its final
