MiFID II & MiFIR timetable

Below you will find a timetable of events and publications of Level 1 and Level 2 measures in relation to the Markets in Financial Instruments Directive Review, i.e. MiFID II and MiFIR. For more on the mechanics of the different levels of the Lamfalussy Process, see our separate post on the subject here.

Please note that ESMA has informed the European Commission on 4 October 2015 of a delay in the submission of regulatory technical standards it was due to deliver (Link to ESMA statement). This has led to a discussion as to whether a delay of the timetable is necessary and in which form, so it would be prudent to to monitor the development.

Date	Issuer	Publication/Event	Link to legislation
20 October 2011	Commission	European Commission publishes legislative proposals amending the MiFID framework and transmits proposed legislation (MiFID II and MiFIR) to the European Council and Parliament.
14 January 2014		Political agreement reached
15 April 2014	Parliament	EU Parliament adopts MiFID2 & MiFIR texts	EU Parliament adoption
13 May 2014	Council	EU Council adopts MiFID2 & MiFIR text for approval	Council adoption
22 May 2014	ESMA	ESMA Publishes Discussion Paper (RTS and ITS) and Consultation Paper (Technical Advice for delegated acts)
12 June 2014		MiFID2 & MiFIR published in the Official Journal
2 July 2014		MiFID2 & MiFIR enter into force
3 September 2014		ESMA’s Securities and Markets stakeholder group publishes advice on MiFID2 & MiFIR
19 December 2014		ESMA publishes Consultation Paper which includes draft technical standards (RTS/ITS)
19 December 2014		ESMA’s Final Report of technical advice for delegated acts
18 February 2015		ESMA publishes addendum Consultation Paper to complement the transparency section of the CP 2014/1570
24 March 2015		ESMA publishes Consultation Paper on Draft guidelines on complex debt instruments and structured products
23 April 2015		ESMA publishes Consultation Paper on Draft guidelines for the assessment of knowledge and competence
29 June 2015		ESMA publishes Final Report on MiFID2/MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities
31 August 2015		ESMA publishes Consultation Paper on draft technical standards in relation to enforcement, data reporting service providers and position reporting
28 September 2015		ESMA publishes Final Report on MIFID2/MiFIR draft technical standards on transparency, microstructural issues, data publication and access, commodity derivatives, market reporting, post trading issues and best execution
3 January 2016		ESMA to submit final draft ITS to the European Commission
3 January 2016		ESMA to publish and send to the Commission its second set of Technical Standards
3 July 2016		Member States to adopt and publish measures transposing MiFID2 and delegated acts into national law
3 January 2017		MiFID2/MiFIR requirements and delegated acts to apply within Member States