Econ delays vote on MIFID II to September 26
The Economic and Monetary Affairs Committee of the European Parliament (Econ) will vote on the revised text of the MIFID II regulation on September 26, a spokesperson at the European Commission has confirmed.
The Econ was expected to vote on a package of amendments to the directive on July 10, but it is understood that a delay on the vote has been caused by a lack of agreement on some proposals suggested by the European Commission in October.
The MIFID II is the second update of the EU’s 2007 Markets in financial instruments directive, introduced to regulate European financial markets and to introduce greater transparency and accountability.
The directive is set to introduce a new type of regulated and transparent trading platform for over the counter derivatives, known as an organised trading facility, which would limit high-frequency trading and position limits on commodities trading.
Following the vote by the Econ, the regulation will be subject to a final approval by a trialogue betwee the European Commission, the European Parliament and the Council of Ministers.