Similarly Council compromise proposals on MiFID II (the proposed MiFID II Directive and the proposed Markets in Financial Instruments Regulation (MiFIR)) are issuing at pace. The proposals were considered by Parliament on 25/26 October and have been referred to ECON. It appears that issues yet to be finalised include;

  • Standardised derivatives and clearing obligation (Articles 28 to 30, MiFID II Directive).
  • Organised trading facilities (OTF) (Articles 18 and 20, MiFID II Directive).
  • Transparency for trading venues (Articles 3 to 10, MiFIR).

It also appears that, currently, the most likely date for implementation of MiFID II is January 2015.