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MiFID II
“Even more, there are a few areas where the calendar is already unfeasible. This relates to the fact that it will take some time, and well into 2016, before the text of the RTS will be stable and final. The building of some complex IT systems can only really take off when the final details are firmly set in the RTS and some of the most complex IT systems would need at least a year to be built. We have therefore raised these timing issues with the European Commission, and the fact that some IT systems will not be ready in January 2017, and the uncertainty this will create as they are needed for the execution of certain elements of MIFID 2. Related to that, we have raised with the Commission whether this uncertainty would need a legislative response with delaying certain parts of MIFID 2, mainly related to transparency, transaction and position reporting.”
Source: Steven Maijoor, ESMA, 10 november 2015

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