[Newsflash n. 5]

Taking on board the warning from ESMA about the exceptional technical implementation challenges faced by regulators and market participants, the European Commission issued a proposal for a directive to grant national competent authorities and market participants one additional year to comply with the rules set out in MiFID II.

The proposed new deadline is 3 January 2018.

This extension will not have an impact on the timeline for adoption of the ‘level II’ implementing measures under MiFID II/MiFIR. The EU Commission will proceed with their adoption irrespective of the new date of entry into application of MiFID II.

Contacts:

Vito Vittore
Senior Partner

Elena Pagnoni
Of counsel

Luigi Bonifacio
Associate