MiFID 2 RTS delayed

Steven Maijoor (ESMA chief) has written to Jonathan Faull (DG FISMA) in reference to a joint EC-ESMA early legal review of the MiFID 2/MiFIR and MAR draft RTS. The review will create a short but significant delay in the submission of the final RTS, from 3 July 2015 to 30 September 2015. The leter denotes the full list of standards which will be subject to review.

The intention of the early review is to “ensure the legality and legislative quality” of the RTS, which can be no bad thing. MiFID 2 has been no stranger to delay, publication of the level 1 text was initially scheduled for Q1 2013. The delay will give the industry further time to push back on some impractical technical standards, but will leave less time between final RTS and implementation. The EC is also seeking early legal review of the CSDR and UCITS V Directive.