Steven Maijoor, Chair of the European Securities and Markets Authority, told the Economic and Monetary Affairs Committee of the European Parliament that it is likely that at least some delays are necessary to the roll-out of the Markets in Financial Instruments Directive II and the Markets in Financial Instruments Regulation now scheduled for January 2017. He said such delays may be necessary because final texts for some of the important requirements may not be finalized “well into 2016,” and “[t]he building of some complex IT systems can only really take off when the final details are firmly set … and some of the most complex IT systems would need at least a year to be built.”