Germany Says Proposed MiFID Market-Rules Delay Comes Up Short
- German Finance Ministry makes case to fellow nations in report
- Asks to index delay to transposition of rules into EU law
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The German Finance Ministry said proposed delays for MiFID II, the complex legislation affecting nearly every financial firm operating in the 28-nation bloc, don’t go far enough in giving nations and banks time to adjust.
Germany wants the EU to consider a more nuanced delay than the setback proposed by the European Commission, which if enacted would set the new law into force at the start of 2018. The finance ministry instead is calling for a set of deadlines tied to whenever the final rules take shape, according to a paper sent last week to negotiators from EU nations.