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Day of the MiFIDS- further delay likely

Risk magazine is reporting widespread comment that the 24 September adoption date for 26 MiFid II/MifiR draft ITS, will be postponed until October or later. This would represent the second specific delay- originally slated for July, RTS approval was set back by their submission to the EC legal team for pre-release review.

The draft RTS have been criticised by national authorities and market participants, with concern particularly focussed on proposed transparency rules. Another delay to the final RTS will leave banks with even less time to prepare for and achieve compliance by the 3 January 2017 implementation date; for the majority of institutions, the transparency rules alone will require significant IT build-out and exhaustive testing.

The widely-anticipated publication postponement has inevitably lead to speculation that that the implementation date will itself be delayed, that compliance will be phased-in, or that enforcement will not be synchronous with implementation. Given that virtually every stage of MiFID II has been delayed, compliance with its own “final” timeline would be somewhat surprising.

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