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Application date for the MiFID II package extended

26 April 2017

European Commission extends the application date for the MiFID II package by one year

The European Commission has granted a one year extension to comply with the rules set out in the revised Markets in Financial Instruments Directive, known as MiFID II. MiFID II aims to address weaknesses in EU financial markets following the financial crisis by reinforcing and replacing the current European rules on securities markets. In particular, it will ensure that trading takes place on regulated platforms, will introduce rules on high frequency trading and will improve the transparency and oversight of financial markets, particularly in relation to derivatives markets.

The extension until 3 January 2018, which was introduced "to take account of the exceptional technical implementation challenges faced by regulators and market participants", does not apply to the timeline for adoption of the 'Level II' implementing measures under MiFID II/MiFIR. The European Commission will proceed with their adoption irrespective of the new date of entry into application of MiFID II. The extension of the deadline is strictly limited to what is necessary to allow the technical implementation work to be finalised.