Commission has asked for one year delay to the Mifid implementation but lawyers warn proposal faces opposition
The European Commission call on Tuesday
for a one-year delay to the implementation of Mifid II came as
no surprise given the persistent lobbying from the industry
that the original timeline was unworkable due to the vast scope
of the reforms and scale of project involved.
Martin Merlin, a director of the
Commission financial services unit told the European
Parliament’s Economic and Monetary Affairs
Committee (Econ) on Tuesday a delay was required for technical
reasons and suggested the implementation should be deferred for
Steven Maijoor, chair of the European
Securities and Markets Authority (Esma), backed such a delay
outlining to the same committee a number of reasons why a delay
might be necessary.
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