The starting gun is fired on the implementation of the most ambitious piece of legislation in Europe's history
The approval of the final text by the European Parliament
means the draft will be published into the journal in May or no
later than June and the rules will officially become law some
20 days after that.
More importantly however, the signing off of the first draft
means the proposals now move over to the European Securities
and Markets Authority (Esma), an independent agency of the EU,
which begins drawing up its plans to turn the Mifid proposals
into reality with a view to putting out its own document.
ESMA could publish its discussion paper, which will almost
certainly be larger than the original Mifid document itself, in
June or perhaps July and this is the next big milestone.
"The real work starts now in that ESMA will need to publish
their discussion paper and firms will start to assess what the
detail will mean for them," said Damian Carolan, a partner at
law firm Allen & Overy.
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