European Commission (EC) sources have confirmed to theTRADEnews.com that the release of revised MiFID II proposals will be delayed until after Europe's summer break.
The proposed legislation has already been delayed once, from its initial planned release in Q1 2011. The EC expects to release a timetable at the end of next week, although a spokesperson explained that the dates will not be set in stone.
“They depend on lots of things, including internal discussions between commissioners, impact assessments being concluded etc.,” the spokesperson said. “After all, the process to adopt a proposal is of course a political one and thus subject to changes.”
Based on the feedback to a consultation exercise, which closed in February 2011, conducted by the EC, MiFID II is expected to introduce a European consolidated tape, a detailed system of categorising and regulating trading venues, a reduction in delays to post-trade reporting and a tighter regulation of automated and high-frequency trading.