[...] Martin Merlin said the European Commission's preliminary technical view was that a delay was needed "if we want to have a smooth and effective implementation".
"We will need to decide what the scope and duration for that delay should be," Merlin said. "The simplest and most legally sound approach would be to delay the whole package by one year."
Separately, Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), told the European Parliament's economic affairs committee that a delay may be needed given the complexity for banks and brokers to adapt their IT systems to the new rules in time for the 2017 start date.
Parts of the reform could be delayed given it was now "unfeasible" to meet the timetable for some elements, Maijoor said.
Position reporting in commodities markets and introducing extra transparency in areas such as bond trading could be delayed to give the industry more time to adapt, Maijoor said.
EU lawmakers, ESMA and the European Commission will hold further meetings to discuss a delay. Backing from US would also be needed.
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