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Timing: MiFID II and MiFIR

Timing: MiFID II and MiFIR. 22 May: ESMA publishes Level 2 Discussion Paper & Consultation Paper. 13 December 2012: Council progress report on MiFID II. 30 month time frame. 14 January: Parliament and Council reach political agreement on text.

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Timing: MiFID II and MiFIR

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  1. Timing: MiFID II and MiFIR 22 May: ESMA publishes Level 2 Discussion Paper & Consultation Paper 13 December 2012: Council progress report on MiFID II 30 month time frame 14 January: Parliament and Council reach political agreement on text 18 June 2013: General approach documents published by the Council 7-8 July: ESMA open hearing in Paris; 1 August is the deadline for comments on ESMA Discussion Paper and Consultation Paper 12 November 2012: Note on progress of trialogue negotiations 13 May: MiFID II & MiFIR formally adopted by the Council 20 June 2012: First Council compromise proposals published Q1: ESMA Consultation Paper on draft Regulatory Technical Standards (follow up to May Discussion Paper) 2012 2013 2014 2015 2016 2017 2 July: 24 months after entry into force: date of transposition and publication by Member States of legislation to implement MiFID II and Level 2 measures 2 January: 30 months after entry into force: date of application of MiFID II, MiFIR and Level 2 measures By 2 July: 12 months after entry into force – preparation, adoption of delegated acts & objection period for Parliament & Council begins 25-26 October 2012: Parliament votes on amendments to draft legislation but then refers matter back to ECON for further consideration 16 March 2012: Draft report from Committee on Economic and Monetary Affairs (ECON) 15 April: MiFID II & MiFIR formally adopted by the Parliament By 2 December: objection period for Parliament & Council on delegated acts ends By 2 January: 6 months after MiFID II and MiFIR enter into force, ESMA provides technical advice to the Commission on Level 2 measures 12 June: MiFID II & MiFIR published; enter into force after 20 days (2 July) 27 September and 5 October 2012: ECON unanimously adopts reports on MiFID II and MiFIR respectively

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