Financial firms have an additional year to comply with MiFID II
The European Commission has announced the long-awaited delay. As expected the deadline has been moved to 3rd Jan 2018, to “take account of exceptional technical implementation challenges faced by regulators and market participants,” the Brussels-based commission said in a statement. The delay is “strictly limited” to allowing technical work to be finished.
The announcement brings clarity to participants who have been uncertain as to the timing or length of a delay since the commission reassessed the implementation date after the ESMA said there wasn’t sufficient time for banks and other financial institutions to build necessary data-reporting systems before the original 2017 deadline.
European Commission press release