EU Dawdling Puts MiFID Market-Rule Plans at Risk, Lawmakers Say
- EU Parliament's Ferber, Gualtieri comment in March 1 letters
- Ferber, Gualtieri say changes needed in implementing measures
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European Union lawmakers impatient with the pace of work on the market-rules overhaul known as MiFID II told the bloc’s executive to speed up or risk derailing the schedule for implementation.
The European Commission last month proposed delaying the start date of MiFID II, a vast, complex law that affects nearly every financial firm operating in the 28-nation bloc, by a year to 2018 to allow firms to build necessary data-reporting systems. Now lawmakers have delivered a series of conditions the commission must meet to ensure their support.