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17 March 2016

City A.M.: Trading transparency regulation MiFID II facing further setbacks after EU Commission calls for revisions

There’s been another setback for the controversial securities market reform regulation known as MiFID II.

The latest call for revisions is likely to spark concerns the new deadline will not be met, though some think the EU will stick to its plans. “The clock is ticking on implementation and today’s announcement will inevitably delay the finalisation of the standards. However, the European Commission is unlikely to favour postponing the directive further, so 3 January 2018 will still be the likely implementation date,” said Michael McKee, head of financial services regulation at law firm DLA Piper.

“I am glad to see that the European Commission takes the concerns of the European Parliament seriously. The latest drafts were far from being acceptable for the European parliament,” said European Parliament MEP and rapporteur for MiFID II Markus Ferber.

Concerns have also been raised as to how the measures would be put into practice. "There are serious question marks over how price transparency requirements would work – and how useful such disclosure would be – in illiquid markets," said Farid Anvari, from Baker & McKenzie's structured capital markets team.

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