MiFID II will not be delayed according to Steven Maijoor of ESMA at the Futures Industry Association’s IDX Conference in London.
In February 2016, the European Commission confirmed that MiFID II, initially scheduled to come into force in January 2017, would be delayed a year in order to “take account of the exceptional technical implementation challenges faced by regulators and market participants”.
However, Maijoor said there will be no further delays.
“MiFID II will come into effect on 3 January 2018, there will be no further delay in its implementation,” he said. “One delay has been enough for all concerned.”
The introduction of MiFID II was discussed at the May conference of OpesFidelio where Business Development Manager, Shane Wood, referred to MiFID II as a potential showstopper for some European firms. This was picked up by Kirsten Hastings, attending the conference on behalf of International Adviser. Shane then followed this up with additional comment about the likely effects of MiFID II.
While undoubtedly good news for the consumer, it is going to require a rapid re-organisation of the business models of the vast majority of EU advice firms. The clock is ticking and MiFID II will be here in just over 6 months. To put the gravity of this into perspective – UK advisers were informed about the introduction of the Retail Distribution Review (RDR) in 2006. RDR came into force in December 2012, and many UK advisers were still not ready for the change!