A new white paper is available now from BCS Consulting on MiFID II: Keep on track for 3rd January 2018
MiFID II introduces a major overhaul of financial standards in Europe and will cover everything from how market research is funded to the transparency of debt and equity markets. Everyone breathed a sigh of relief when the one year delay was announced, but firms will need to continue at pace to ensure compliance with the multitude of MiFID II obligations. It is crucial that firms take advantage of the delay to change their technology and processes rather than putting their plans on hold.
MiFID II, plenty to keep us busy for the next two years
Whilst the European Commission’s extension of the application date of the MiFID II (The Markets in Financial Instruments Directive) package to 3rd January 2018 was no surprise, alarmingly, concerns were immediately raised that even a one year delay may not be enough.
The delay was driven by the European Securities and Markets Authority (ESMA) and the National Competent Authorities (NCA), who saw the timeframe to complete a full delivery of solutions to meet the MiFID II obligations, particularly across the most complex systems, as insufficient. The main challenges cited concerned instrument reference data, transaction reporting, transparency parameters and publication, position reporting and the need for a harmonised start date for each of these areas.