The one year MiFID II implementation delay (to January 3, 2018) announced last week by the European Commission reflects the complexity and scope of new transaction reporting obligations.
LeapRate is pleased to present a guest post on the subject by Chris Bates, Founder and Chief Commercial Officer of regulatory reporting solutions specialist Abide Financial, including a link (see below) to Abide’s recent White Paper Are you facing a MiFID II/ MiFIR migraine?
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The 10 February European Commission confirmation of a one year delay to the implementation date for MiFID II and MiFIR reinforces the need for market participants to take action now to be sure of having the processes in place to accommodate changes needed to comply with this wide-ranging and far-reaching market regulation.
Chris Bates, Abide Financial
Indeed, the Commission reiterated its concern that the original deadline simply did not provide sufficient time for impacted firms to be ready in time, noting “Given the complexity of the technical challenges highlighted by ESMA, it makes sense to extend the deadline for MiFID II. We will therefore give people another year to prepare properly and make the necessary changes to their systems.”
Further, regulators have made it very clear that regardless of any pushback on implementation D-Day, they expect all firms subject to MiFID II/MiFIR to be able to demonstrate progress in regulatory compliance implementation plans.
As transaction reporting specialists Abide Financial notes in a White Paper issued this week explaining the complexities of the new framework, firms should be taking action now to ensure regulatory-readiness by January 2018 – and to benefit from the greater efficiencies of a fully integrated strategy for compliance with MiFID II, MiFIR and all other regulatory change such as the proposed EMIR Rewrite.
Download the Abide Financial MiFID II white paper here.