Steven Maijoor, ESMA Chair, pointed out the challenges for the implementation of MiFID II by 3 January 2017 in a speech to ECON this week.  Mr Maijoor noted that the timing for stakeholders and regulators to implement the rules and build the necessary IT systems is extremely tight, and there are a few areas where the calendar is already unfeasible. ESMA has raised these timing issues with the European Commission, together with the fact that some IT systems will not be ready in January 2017, which will create uncertainty as they are needed for the execution of certain elements of MiFID II. ESMA has queried whether this uncertainty would need a legislative response to delay certain parts of MiFID II, mainly in relation to transparency, transaction and position reporting.