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By Pascal Martino and Annick Elias, Partners at Deloitte Luxembourg
Earlier this year, the European Commission delayed the entry into force of the revised Markets in Financial Instrument Directive (MiFID II/MiFIR) to January 2018. The one-year delay will apply to the package in full, leaving a more realistic timeline to “take account of the exceptional technical implementation challenges faced by regulators and market participants” as stated by the European Commission.
The regulatory maturity of the MiFID II directive appears to differ on a subject-by-subject basis. While topics such as costs and charges, third-country regimes and target market definition might require additional details from the regulator, other topics including transaction reporting...
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