Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

One year Mifid II delay might not be enough, says Esma chief

By Kirsten Hastings, 19 Jan 16

Delaying the implementation of Mifid II until January 2018 still might not give enough time for the European Securities and Markets Authority (Esma), national regulators, and market participants to make the necessary IT changes, says Esma chair Steven Maijoor.

Delaying the implementation of Mifid II until January 2018 still might not give enough time for the European Securities and Markets Authority (Esma), national regulators, and market participants to make the necessary IT changes, says Esma chair Steven Maijoor.

Financial firms have already said that the ongoing uncertainty over the implementation of Mifid II has made it difficult for them to forward plan, with some fearing that they are already falling behind.

A political decision

Speaking at the Asian Financial Forum in Hong Kong, Maijoor told Reuters that he was optimistic that there would be a delay: “It’s very important for market participants and all of us to know. I would expect that this would be settled in a few weeks. But whether it’s a year, or shorter or longer, or whether it’s for all of Mifid or only a part of Mifid, that’s really a political decision.”

If the European Parliament, Commission, and Council take too long to sign off on the technical standards, however, a year’s delay might not be long enough.

“We suggested a year delay but that assumes a relatively speedy endorsement of all the technical standards. The final making of these IT systems can only really start once these technical standards are finally set, and that requires that these are endorsed by the Commission and also accepted by the Parliament and Council.

"Whether it’s a year, or shorter or longer, or whether it's for all of Mifid or only a part of Mifid, that’s really a political decision."

“If that process is lengthened too much then a year might not be sufficient,” Maijoor said.

Tags: ESMA | Mifid

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Latest news

    BBY former executive chairman charged over ‘dishonest use’ of $1.95m client money – ASIC

    ISA - acronym from wooden blocks with letters, ISA Individual Savings Account concept (Industry Standard Architecture ), top view on grey background

    Financial planning

    Titan Wealth study highlights need for UK ISA reform

  • Latest news

    UK financial services revolution predicted after FCA reforms released today

    Latest news

    TISA and industry urge UK government to rethink IHT on pensions


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.