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MiFID II - Timeline

MiFID II (Markets in Financial Instruments Directive) is a revision of the European Markets in Financial Instruments Directive that came into effect in 2007 and the introduction of the MiFIR regulation. The timeline below shows the relevant events since then and the planning for the coming years.

 

 

Timeline

1993 The Investment Services Directive (ISD) comes into force.
November 2007 MiFID comes into force in all EU Member States and replaces the ISD..
October 2011
The European Commission (EC) publishes the draft proposal of a revision of the MiFID by means of a revised Directive (MiFID) and a new Regulation (MiFIR). Together, this forms MiFID II.
April 2014 The EC formally requests technical advice from ESMA regarding the adoption of 'delegated acts' to enable the implementation of MiFID II.
May – July 2014 ESMA publishes a Consultation Paper on technical advice and a Discussion Paper on technical standards for the implementation of MiFID II.
June 2014 Publication of Level 1 MiFID II and MiFIR text in the Official Journal of the EU (12 June 2014).
December 2014 ESMA publishes a Consultation Paper on regulatory technical standards (RTS) in Level 2 MiFID II legislation.
December 2014 ESMA sends technical advice to EC regarding investor protection in relation to the creation of 'delegated acts' for MiFID II.
August 2015 ESMA publishes a Consultation Paper on the concept for the remaining implementing technical standards (ITS).
September 2015 ESMA publishes the RTS and submits these to the EC.
December 2015 ESMA publishes the ITS and submits these to the EC.
May 2016 The European Council and the European Parliament (EP) reach an agreement to postpone the application of MiFID II by one year to 3 January 2018. The deadline for the implementation of MiFID II in national legislation is 3 January 2017.
End 2015 - spring 2016 EC's reaction to the RTS submitted by ESMA. After this, the EP and the European Council can still lodge an objection. Subsequently, the publication of the final RTS in the Official Journal of the EU takes place.            
July 2017 EU Member States must have incorporated the MiFID II Directive into national laws as of 3 July 2017.
January 2018 MiFID II and MiFIR are applicable as of 3 January 2018.

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