Industry 'squeezed for time' as MiFID II hit by technical standards delay

The European Securities and Markets Authority (ESMA) has delayed its review of standards for MiFID II until September, cutting the amount of time the industry will have to assess proposals ahead of implementation.

The final regulatory technical standards (RTS) were due to be submitted to the European Commission this July, with final guidance to be submitted in December ahead of an implementation date of January 2017. ESMA and the European Commission have now agreed to conduct an early legal review of the draft technical standards, which will delay submission until September. In a letter to ESMA, the EC's director general for internal market and services, Jonathan Faull, said the legal review would "ensure the legality and legislative quality of relevant standards". However, he added: "…This ...