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MiFID II/MiFIR was adopted by the European Parliament on 15 April 2014 and by the Council on 13 May 2014. MiFID II/MiFIR entered into force on 2 July 2014.

ESMA must submit draft RTS and ITS to the European Commission, respectively, 12 and 18 months after entry into force of MiFID II.

ESMA published a Discussion Paper in May 2014 to gather input from stakeholders on the proposed RTS/ITS. On the basis of the responses received, a subsequent Consultation Paper will be prepared and is expected to be published between December 2014 and March 2015.

At the same time ESMA also published a Consultation Paper on the Technical Advice it must provide to the European Commission by December 2014.

EU Member States are required to implement MiFID II in their national legislations within 24 months after the entry into force of MiFID II (June 2016).

MiFID II/MiFIR will apply within 30 months after the entry into force of MiFID II (January 2017).

source: ESMA

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