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The Day of the MiFIDs

MiFID II and MiFIR become law today following their publication in the Official Journal of the EU (OJ). This sets the seal on the legislative phase, while technical consultation with ESMA and the EBA is ongoing, as outlined in an earlier post.

Importantly, publication in the OJ cements the date for the final application of MiFID II/MiFIR at 30 months from 2 July 2014: 2 January 2017.[1]

Firms should take note: The MiFID “twins” are unusual in having such advanced warning of a definite application date. This may reduce the length of any post-implementation phase-in period before full enforcement applies.

[1] The implementation deadline is calculated as 30 months from when MiFID II/MiFIR comes into force, which is 20 days after the publication of the OJ.

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