After a prolonged debate between lobbyists and law makers, the final legislative texts of Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulations (MiFIR) were approved by the European Parliament on 15 April 2014.

This final signing created a subsequent rush by financial services organisations to get their respective houses in order ahead of the January 2017 implementation deadline.

Fortunately for regulators and the regulated alike, a slight respite now seems to be in the works, following comments by the European Commission and the European Securities and Markets Authority (ESMA) that the implementation will be pushed back.

ESMA suggests a number of options for this delay, with its preference being for a partial delay of some of the directives, while ensuring that the easier to achieve directives remain in place for implementation by January 2017.

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