The next consultation paper on MiFID II is expected to be published next week, according to industry sources.
Draft regulatory technical standards (RTS) are due to be outlined in the new paper, which is rumoured to be due on 19 December.
A European Securities and Markets Authority (ESMA) spokesperson declined to give an exact date, but said the MiFID package was intended to be released before Christmas.
The first round of industry consultations, which consisted of a consultation on technical advice for the European Commission and a discussion paper that will form the basis of the upcoming draft RTS, closed on 1 August and since then ESMA has been sorting through thousands of individual responses to develop the new rules.
Industry insiders are expecting another relatively short consultation period, as the broad ranging rules of MiFID II are due to be implemented at the beginning of 2017, leaving just two years to develop final rules and implement the directive across EU member states.