The Permanent Representatives Committee (COREPER) has approved a one-year delay in the transposition and application of MiFID II and MiFIR on behalf of the Council following an agreement with the EU Parliament. The MiFID II was originally meant to be transposed by Member States before 3 July 2016; however the process was hit with technical implementing challenges in relation to essential data infrastructures. MIFID II must now be transposed before 3 July 2017 and the application of both MIFID II and MIFIR will now commence on 3 January 2018.