The MiFID text, which was due to be released in July, has been pushed back by three months, with the EC some way off agreement on its final scope and provisions.
The European Commission's highly anticipated final text of the revised Markets in Financial Instruments Directive will now be published in October, a senior insider has confirmed to Global Financial Strategy.
The new directive - dubbed Mifid II - is set to replace the original legislation which came into effect in November 2007, creating a new EU-wide landscape for the regulation of derivatives and other instruments.
Among its proposals, the revision is expected to extend pre- and post-trade transparency requirements for non-equity instruments such as derivatives.
It will now be released in conjunction with the upgraded market abuse regulation - which was formerly a directive.
This has sparked concerns in the industry that Mifid II may also be bumped up from a directive to a more prescriptive regulation, meaning member states would have far less wriggle room when implementing the legislation into national law.
© GFS
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article