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Due to the failure of European Securities and Markets Authority and the European Commission to deliver the regulatory technical standards and delegated acts by the deadline set out in the legislation and to launch the necessary procurement procedures in time, MiFID II/ MiFIR will not be applicable as initially scheduled on 3 January 2017. Acknowledging the immense problems at hand however, delaying the date of application by a year to 3 January 2018 as well as some corresponding dates also by a year seems to be sensible and justified.
This change to the MiFID II/ MiFIR package, however, is of a purely technical nature and should therefore change nothing beyond the relevant dates. In order to allow Member States to transpose MiFID II properly and to take into account the implementing legislation, the date of transposition should be adapted in line with the overall delay, from 3 July 2016 to 3 July 2017.