The European Parliament have approved to delay the MiFID II by a year in a vote last Thursday in Brussels.

The European Parliament adopted the European Commission’s proposal to postpone the start date for MiFID II, the complex law that affects nearly every financial firm operating in the 28-nation bloc, by a year to 2018 and solidified a position on “targeted amendments” that should be made, including exemptions on certain securities-financing transactions in the law.

“We welcome the delay, but realise the need for further changes,” said Markus Ferber, the lead lawmaker handling the file. “On the legislative level, we need adjustments to smooth out implementation problems.”

The commission originally asked for the delay to allow firms to build data-reporting systems. Lawmakers used the session to encourage the commission to adopt the technical measures needed for MiFID II to work as soon as possible, taking into account the assembly’s concerns

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