MiFID II: Showtime

With Christmas 2016 now a distant memory, attention returns to MiFID II. 2017 is the year of implementation! In this short post we consolidate some of the key dates. We have previously mentioned them in our MiFID II: A Survival Guide book but clients felt it would be beneficial to state them in a consolidated post.

  1. 1 Feb 2017, Trading Venues must have submitted their applications to their National Competent Authorities for equity pre-trade transparency waivers.[1]
  2. 1 Jun 2017 for above bonds and derivatives.[2]
  3. 3 Jun 2017 Member States must have transposed MiFID II into national law.
  4. 1 September 2018 for investment firms to register as Systematic Internalisers.[3]
  5. 3 January 2018 is the date of application (go-live).

Farther afield, the hotly-anticipated equity consolidated tape (post-trade transparency – EU-wide consolidated post-trade broadcast) will go live on 3 Sep 2019.[4] The technically challenging non-equity tape will go live later – certainly no earlier than 2020 (ESMA’s consultation[5] ended on 5 Dec 2016).

For UK firms, we await the FCA’s comprehensive statement regarding transposition of MiFID II in H1. This will be a critical document to analyse. Sign up for their updates here. The FCA is currently in its fourth round of consultation, view it here. This consultation is soliciting views on:

  • Specialist regimes
  • Tied agents
  • SME growth markets
  • Market data (including ARMS) and
  • Fees

Recall that Member States have till 3 July to have transposed MiFID II into national law.

You may wish to bookmark the FCA’s dedicated page [6] as well as ESMA’s repository of all documents.[7]

 

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References

[1] Answer 3; Page 10; https://www.esma.europa.eu/sites/default/files/library/2016-1424_qa_mifid_ii_on_transparency_topics.pdf
[2] Ibid.
[3] Ibid. Answer 4, Page 10.
[4] MiFID II Article 93
[5]https://www.esma.europa.eu/sites/default/files/library/2016-1425_esma_consults_on_consolidated_tape_for_non-equity_products_0.pdf
[6] https://www.fca.org.uk/markets/mifid-ii
[7] https://www.esma.europa.eu/databases-library/esma-library?f%5B0%5D=im_esma_sections%3A20

Photo Credit to Dafne Cholet on Flikr (CC by 2.0)

 

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