MiFID2: ECON Committee publishes draft reports on proposed delay

The EU Parliament Committee on Economic and Monetary Affairs (ECON) has published two draft reports on the EU Commission's legislative proposals to amend MiFID2 and MiFIR as regards certain dates, which were published by the Commission on 10 February 2016.

The draft ECON report on the proposed Regulation to amend MiFIR states that delaying the date of application of MiFIR by a year to 3 January 2018 as well as some corresponding dates also by a year seems sensible and justified and therefore recommends that the EU Parliament adopt the Commission's proposal at first reading.

The draft report on the proposed Directive to amend MiFID2 recommends an amendment to the Commission's proposal to move the date of transposition by Member States from 3 July 2016 to 3 July 2017, in line with the overall delay to allow Member States to transpose MiFID2 properly, particularly as the implementing legislation is still unavailable.