On November 27, 2015, the European Parliament issued a press release announcing that it has informed the European Commission that it is ready to accept a one-year delay to the Market in Financial Instruments Directive II entering into force. The European Parliament also published two letters addressed to Lord Jonathan Hill, Commissioner for Financial Stability and the Commission, on the same date. The first letter states that such a delay would be subject to two conditions. The Commission would have to: (i) finalize the implementing legislation as soon as possible, taking into account the European Parliament’s comments on content (which are set out in the European Parliament’s second letter); and (ii) regularly report to the European Parliament on the progress related to MiFID II implementation, timelines and key objectives.
The European Parliament’s press release is available at: http://www.europarl.europa.eu/pdfs/news/expert/infopress/20151127IPR05110/20151127IPR05110_en.pdf, the first letter to Commissioner Hill is available at: https://europe.fia.org/sites/default/files/content_attachments/D56697_Hill_postponement%20date%20of%20application%20MiFID%20II_MiFIR%20-%20ND.PDF and the second letter to Commissioner Hill is available at: https://europe.fia.org/sites/default/files/content_attachments/D51226_Hill_Regulatory%20technical%20standards%2 0under%20MiFID%20II_MiFIR%20-%20CL.PDF.