Steven Maijoor, ESMA chair, has said this week that a 12-month delay to MiFID II may still not be enough time for the industry to prepare. The European Commission is widely expected to announce a 12-month delay to MiFID II in the coming weeks, with a new implementation date of January 2018. Mr Maijoor said that ESMA’s suggestion of a one year delay assumes a speedy endorsement of all technical standards, but if the endorsement process is too lengthy, then one year may not be sufficient. This is due to the fact that the final making of the IT systems required for MiFID II can only start once the ITS are set.