The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published two draft reports on the Commission’s proposals to postpone the application date of MiFID II, MiFIR, MAR and the CSDR. Both drafts state that the Parliament intends to adopt the proposals at first reading. The reports are accompanied by an explanatory statement by Parliament rapporteur Marcus Ferber expressing disappointment that ESMA and the Council have “failed to deliver the regulatory technical standards and delegated acts by the deadline set out in the legislation and to launch the necessary procurement procedures in time”, while emphasising that this change to MiFID II/MiFIR is “of a purely technical nature and should therefore change nothing beyond the relevant dates”.
The draft reports are confirmation that, as expected, Parliament is unlikely to use the request for a delay as a lever to reopen the MiFID II package. The EU political machine has a practised fluency in delivering delay, it is likely that the “purely technical change” of a year’s postponement will speed through both Parliament and Council.Contact Us