European Commission asks for ESMA rethink on MiFID II
MiFID II is delayed yet again as the European Commission (EC) asks the European Securities and Markets Authority (ESMA) for a “rethink”.
ESMA has received a letter from EC concerning certain parts of the regulation draft.
EC wants a rewrite of three technical standards that govern trading on commodities, exemptions for companies providing support market services and showing prices in fixed income markets.
Last month, it was announced MiFID II (Markets in Financial Instruments Directive) would be delayed until January 2018.
After that news, ESMA issued a statement on supervisory convergence, which included “preparation and finalisation of data and infrastructure” for MiFID II.
ESMA has another six weeks to rework its proposals, which will lead to more delays.
ESMA is an independent European Union (EU) authority that aims to “safeguard the stability of the EU’s financial system”.