Year-Long Delay to MiFID II Finally Approved; UK Must Transpose Rules into National law by July 2017

The Council of the European Union has given final approval to delay the implementation of the Markets in Financial Instruments Directive II (MiFID II) by 12 months. The MiFID II legislative package will now become effective from 3 January 2018.

The Council's approval removes the final obstacle to the proposed delay.  In May this year, the Council announced that it had agreed to the delay in principle with the Parliament.  The European Parliament voted to postpone the implementation date last week.

Michael Thomas, partner in Hogan Lovells financial institutions sector, said:

"The Council's approval removes the final obstacle to delaying the implementation of MiFID II. In particular, it’s helpful that the Council has confirmed that the UK will have until July 2017 to transpose the Directive requirements into national law.  This will give the Treasury and the FCA some breathing-space to make the changes to the UK rules."

The Council has published texts of the legislative package to delay MiFID II by 12 months.  These are available at:  

http://www.consilium.europa.eu/press-releases-pdf/2016/6/47244642619_en.pdf. 

For further details on MIFID II, please visit the Hogan Lovells dedicated microsite at http://www.hoganlovells.com/mifidii/. 

PRESS CONTACT:

Rachael Droog

rachael.droog@hoganlovells.com

+44 20 7296-2780


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