The European Commission has proposed a one year extension to the application date of the MiFID II legislative package (i.e. MiFID II and MiFIR). Member states are required to transpose the MiFID II Directive by 3 July 2016 and MiFID II is scheduled to apply as of 3 January 2017. Under the Commission's proposal, national competent authorities (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.