MiFID II/ MiFIR: next baby step
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Signalling the next step in the protracted implementation of MiFID II/ MiFIR, the European Commission has published its request to the EBA (dated 16th May) for technical advice regarding intervention powers for structured deposits. This follows a 23rd April Mandate to ESMA for technical advice, as summarised in our earlier blog post.
As MiFIR establishes a similar, ‘if not identical,’ framework for EBA and ESMA product intervention powers, the request underlines the need for both institutions to work closely when providing advice. Specifically, the Commission requests that the EBA propose ‘factors and criteria to be taken into account for the exercise of product intervention powers’ concerning structured deposits, while the ESMA deals more generally with financial instruments.
A six month deadline for the submission of technical advice has been set, allowing sufficient time for the Commission to draft and adopt delegated acts, and for the European Parliament and Council to raise objections, before final application of MiFID II/ MiFIR in December 2016 (30 months after the entry into force).
[edit: deadline for the final application of MiFID II/ MiFIR is 2 January 2017, 30 months after entry into force on 2 July 2014.]
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