EP has written two letters to the Commission. It refers to a Commission “non-paper” it received, and says it is open to considering a wholesale delay in the application of the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR), but only on condition that the Commission adopts the Level 2 measures as soon as possible, and that, if there is a delay, the Commission reports regularly to EP on progress towards implementation. The accompanying press release suggests a delay of one year. The second letter criticises ESMA for its failure to address EP’s concerns on position limits, non-equity transparency and the ancillary activity exemption. (Source: EP Favours MiFID 2 Delay)