On 10 February 2016, the European Commission announced that it is proposing a one year extension to the application date of the MiFID II legislative package ).This is to take account of the exceptional technical implementation challenges faced by regulators and market participants.
Member states must transpose the MiFID II Directive by 3 July 2016. Both the MiFID II Directive and MiFIR are scheduled to apply as of 3 January 2017. Under the Commission's proposal, NCAs and market participants will have an additional year to comply with MiFID II. The proposed new application date is 3 January 2018. However, the extension will not have an impact on the timetable for adoption of the Level 2 implementing measures under the MiFID II Directive and MiFIR.
The proposal will affect aspects of the Market Abuse Regulation and the Regulation on improving securities settlement and regulating central securities depositories.