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Efama lobby effective – EC signals MIFID II delay

The European Commission has said it is considering a delay of up to a year to the initiation of the second iteration of the Markets in Financial Instruments Directive. The European Fund and Asset Management Association (Efama) had recently been calling for such a delay.


PA Europe

The Europe-wide legislation which governs the activity of financial services firms had been due to come into effect in January 2017.

‘MIFID II’ has been a concern for many in the investment industry, wary of a heavy handed approach impacting their profitability. Efama has been pressuring the European Commission to extend the directive’s implementation deadline in recent months. Less than two weeks ago, the organisation’s president Alexander Schindler told Expert Investor Europe a delay is necessary. 

In its statement on the matter the Commission indicated that the concerns raised by market participants were a factor in the likely delay, and more time will be needed to get a satisfactory directive in place than earlier thought.

One specific issue flagged up is the complexity of the IT elements the new directive appears to require.

The level of reporting requirements firms would face under MIFID II is also a major bone of contention.