May 18, 2016
The Permanent Representatives Committee approved on behalf of the council, an agreement with the European Parliament on a one-year delay to new securities market rules. This postponement will affect the provision of services for investments in financial instruments and the operation of regulated financial markets.
The rules consist of two legislative instruments:
- regulation 600/2014 (“MiFIR”), aimed at improving transparency and competition of trading activities by limiting the use of waivers on disclosure requirements and by providing for non-discriminatory access to trading venues and central counterparties (CCPs) for all financial instruments, and requiring derivatives to be traded on organised venues;
- directive 2014/65/EU (“MiFID II”), amending rules on the authorisation and organisational requirements for providers of investment services and on investor protection. The directive also introduces a new type of trading venue, the organised trading facility (OTF). Standardised derivatives contracts are increasingly traded on these platforms, which are currently not regulated.
- the deadline for the member states to transpose MIFID II into national legislation will be set for 3 July 2017;
- the date of application of both MIFID II and MIFIR will be set for 3 January 2018.
The original press release can be found on the European Council website here.