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2016/0033(COD) Markets in financial instruments: certain dates

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON FERBER Markus (icon: PPE PPE) DODDS Anneliese (icon: S&D S&D), SWINBURNE Kay (icon: ECR ECR), VAN NIEUWENHUIZEN Cora (icon: ALDE ALDE), GIEGOLD Sven (icon: Verts/ALE Verts/ALE), KAPPEL Barbara (icon: ENF ENF)
Committee Opinion DEVE
Committee Opinion JURI
Committee Opinion ITRE
Lead committee dossier:
Legal Basis:
TFEU 053-p1

Events

2017/09/19
   PT_PARLIAMENT - Contribution
Documents
COM(2016)0056
2016/07/14
   EC - Commission response to text adopted in plenary
Documents
SP(2016)487
2016/06/30
   Final act published in Official Journal
Details

PURPOSE: to put back by one year the time limit for transposition and application of rules on markets in financial instruments (MIFID II package).

LEGISLATIVE ACT: Directive (EU) 2016/1034 of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments.

CONTENT: this Directive amends Directive 2014/65/EU (MIFID II) in order to put back the date of entry into application of the MIFID II, following difficulties encountered by the European Securities and Markets Authority (‘ESMA’) and national competent authorities, and stakeholders in technical implementation.

The MIFID II directive, like Regulation (EU) No 600/2014 (MiFIR) should be applied 30 months after entry into force, i.e. 3 January 2017. The date of transposition of MIFID II is 3 July 2016. However, following difficulties in technical implementation encountered by ESMA and national competent authorities, new data collection infrastructure will not be in place by 3 January 2017.

The implementation process for the data collection infrastructures involves five steps: business requirements, specifications, development, testing and deployment. ESMA estimates that those steps will be completed by January 2018.

Deferral of dates : in order to ensure legal certainty and avoid potential market disruption, the Directive defers the date by which the Member States need to transpose Directive 2014/65/EU to 3 July 2017 . The new date for application of the Directive is 3 January 2018. The dates for reports and review are set back accordingly.

Exemptions: the exemption set out in point (d) of Article 2(1) of Directive 2014/65/EU is extended to include non-financial entities who are members of or participants in a regulated market or a multilateral trading facility (MTF), or have direct electronic access to a trading venue when executing transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups.

Third-country markets : the Directive provides that a third-country market shall be considered to be equivalent to a regulated market if the certain requirements laid down in the Directive are fulfilled. At the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the examination procedure (comitology).

The Directive sets out the conditions that the third-country legal and supervisory framework must fulfil in order to be considered equivalent.

ENTRY INTO FORCE: 1.7.2016.

Documents
Directive 2016/1034
OJ L 175 30.06.2016, p. 0008
2016/06/23
   CSL - Final act signed
2016/06/22
   CSL - Draft final act
Documents
00023/2016/LEX
2016/06/22
   EP - End of procedure in Parliament
2016/06/21
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2016/06/07
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2016/06/07
   EP - Debate in Parliament
Documents
Debate in Parliament
2016/06/07
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 502 votes to 158, with 6 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments as regards certain dates.

Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:

Exemptions : Parliament stipulated that the exemption set out in point (d) of Article 2(1) of Directive 2014/65/EU should be extended to include non-financial entities who are members of or participants in a regulated market or a multilateral trading facility (MTF), or have direct electronic access to a trading venue when executing transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups.

Third-country market : the amended text stated that a third-country market shall be considered to be equivalent to a regulated market if the requirements and the procedure laid down under the third and the fourth subparagraphs are fulfilled. At the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the examination procedure (comitology). The competent authority shall indicate why it considers that the legal and supervisory framework of the third country concerned is to be considered equivalent and shall provide relevant information to that end.

Such a third-country legal and supervisory framework may be considered equivalent where that framework fulfils at least the following conditions:

the markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis; the markets have clear and transparent rules regarding admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable; security issuers are subject to periodic and ongoing information requirements ensuring a high level of investor protection; and market transparency and integrity are ensured by the prevention of market abuse in the form of insider dealing and market manipulation.

Committee procedure : the Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC.

Transposition : Members proposed that the date of transposition of the Directive should be set at 3 July 2017 (instead of 3 July 2016).

Documents
T8-0243/2016
2016/05/25
   ESC - Economic and Social Committee: opinion, report
Documents
CES1921/2016
2016/05/23
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
PE604.824
2016/05/18
   EP - Text agreed during interinstitutional negotiations
Documents
PE604.824
2016/05/03
   IT_SENATE - Contribution
Documents
COM(2016)0056
2016/04/29
   ECB - European Central Bank: opinion, guideline, report
Documents
CON/2016/0027
OJ C 223 21.06.2016, p. 0003
2016/04/21
   PT_PARLIAMENT - Contribution
Documents
COM(2016)0056
2016/04/11
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments as regards certain dates.

The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

Exemptions : Members stated that this Directive shall not apply to persons dealing on own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emission allowances or derivatives thereof unless such persons: are either members of or participants in a regulated market or an MTF, on the one hand, or have direct electronic access to a trading venue, on the other hand, and, in either case, are engaging in a high-frequency algorithmic trading strategy on such a trading venue .

Transposition : Members proposed that the Member States are to apply the measures transposing that Directive from 3 January 2017 (as opposed to 3 July 2016).

Documents
A8-0126/2016
2016/04/07
   EP - Vote in committee, 1st reading
2016/04/07
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2016/03/02
   EP - Amendments tabled in committee
Documents
PE578.558
2016/02/25
   EP - Committee referral announced in Parliament, 1st reading
2016/02/16
   EP - Committee draft report
Documents
PE576.962
2016/02/10
   EC - Legislative proposal published
Details

PURPOSE: to extend the date of entry into application of both instruments that are comprised in MIFID II on markets in financial instruments.

PROPOSED ACT: Directive of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: Directive 2014/65/EU (‘MiFID’) together with Regulation (EU) No 600/2014 (‘MiFIR’) was adopted in the wake of the financial crisis. MiFID and MiFIR, collectively referred to as MiFID II , covers securities markets, investment intermediaries and trading venues. The new framework reinforces and replaces the current MiFID framework ( Directive 2004/39/EC ).

Member States need to transpose the Directive by 3 July 2016. Both MiFID and MiFIR are scheduled to apply as of 3 January 2017 .

During the legislative process, the very high level of complexity of the MiFID II package and the need for a significant number of implementing measures were recognised. To this end, a period of 30 months was foreseen between the adoption and the entry into application, instead of the usual 18-24 months.

Despite this unusually long period, ESMA has made clear to the Commission that the technical implementing challenges are of such magnitude that essential data infrastructures will not be in place in time for 3 January 2017. This is a result of significant challenges in collecting the data that is necessary for the operation of the MiFID II rules.

The absence of data has ramifications across multiple areas of MIFID II. As regards market regulation, it is clear that without the foundation of reference data (instrument ID) and the additional data infrastructures for transparency calculations and position reporting in place, it will not be possible to apply the majority of the market rules.

In order to ensure legal certainty and avoid potential market disruption, urgent action is therefore needed to adjust the date of entry into application for MiFID II

CONTENT: the purpose of the draft proposal amending Directive 2014/65/EU is to extend the entry into application of both instruments that are comprised in the MIFID II package as a result of the technical implementation challenges met by the European Securities and Markets Authority ('ESMA'), national competent authorities ('NCAs') and stakeholders.

In order to enable ESMA, NCAs and stakeholders to complete the operational implementation, the Commission considered it appropriate to defer the date by which the Member States need to apply the measures transposing Directive 2014/65/EU and the date by which the repeal of Directive 2004/39/EC is to take effect by 12 months until 3 January 2018 . Reports and reviews should be deferred accordingly.

The Commission stated that an extension of one year should provide sufficient and reasonable time for ESMA, NCAs and operators to put in place the infrastructure for data collection, reporting and the transparency threshold calculations.

Documents
COM(2016)0056
EUR-Lex
2016/02/04
   EP - FERBER Markus (PPE) appointed as rapporteur in ECON

Documents

Activities

Votes

A8-0126/2016 - Markus Ferber - Résolution législative #

2016/06/07 Outcome: +: 502, -: 158, 0: 6
DE PL RO IT GB BG ES CZ HU PT BE AT FR NL SK HR DK LT FI EE SI LV MT SE LU IE CY EL
Total
91
45
27
63
52
17
45
20
17
20
18
18
71
25
11
11
13
9
11
6
8
6
6
18
6
9
5
18
icon: PPE PPE
193

Germany PPE

33

Poland PPE

21

Romania PPE

11

Italy PPE

12

Bulgaria PPE

7

Spain PPE

12

Czechia PPE

7

Hungary PPE

9

Portugal PPE

6

Belgium PPE

3

Austria PPE

5

France PPE

19

Netherlands PPE

5

Slovakia PPE

5

Croatia PPE

5

Denmark PPE

For (1)

Bendt BENDTSEN
1

Lithuania PPE

2

Finland PPE

2

Estonia PPE

For (1)

Tunne KELAM
1

Slovenia PPE

5

Latvia PPE

4

Malta PPE

3

Sweden PPE

4

Luxembourg PPE

3

Ireland PPE

4

Cyprus PPE

1

Greece PPE

3
icon: S&D S&D
171

Germany S&D

24

Poland S&D

5

Romania S&D

12

Italy S&D

27

United Kingdom S&D

19

Bulgaria S&D

4

Spain S&D

11

Czechia S&D

4

Hungary S&D

4

Portugal S&D

8

Belgium S&D

3

Austria S&D

5

France S&D

13

Netherlands S&D

3

Slovakia S&D

4

Croatia S&D

2

Denmark S&D

3

Lithuania S&D

2

Finland S&D

1

Estonia S&D

For (1)

Marju LAURISTIN
1

Slovenia S&D

For (1)

Tanja FAJON
1

Latvia S&D

1

Malta S&D

3

Sweden S&D

4

Luxembourg S&D

For (1)

Mady DELVAUX
1

Ireland S&D

For (1)

Nessa CHILDERS
1

Cyprus S&D

2

Greece S&D

3
icon: ALDE ALDE
66

Germany ALDE

4

Romania ALDE

2

United Kingdom ALDE

1

Bulgaria ALDE

4

Spain ALDE

8

Czechia ALDE

4

Portugal ALDE

2

Belgium ALDE

5

Austria ALDE

For (1)

Angelika MLINAR
1

France ALDE

7

Netherlands ALDE

7

Croatia ALDE

2

Denmark ALDE

3

Lithuania ALDE

3

Finland ALDE

4

Estonia ALDE

3

Slovenia ALDE

For (1)

Ivo VAJGL
1

Sweden ALDE

3

Luxembourg ALDE

For (1)

Charles GOERENS
1

Ireland ALDE

For (1)

Marian HARKIN
1
icon: ECR ECR
58

Germany ECR

6

Poland ECR

15

Romania ECR

For (1)

Monica MACOVEI
1

Italy ECR

2

United Kingdom ECR

13

Bulgaria ECR

2

Czechia ECR

2

Belgium ECR

4

Netherlands ECR

2

Slovakia ECR

2

Croatia ECR

For (1)

Ruža TOMAŠIĆ
1

Denmark ECR

4

Finland ECR

2

Latvia ECR

For (1)

Roberts ZĪLE
1

Greece ECR

Against (1)

Notis MARIAS
1
icon: NI NI
14

Germany NI

2

Poland NI

Against (1)

Janusz KORWIN-MIKKE
1

United Kingdom NI

For (1)

Diane DODDS
1

Hungary NI

2

France NI

3

Greece NI

5
icon: ENF ENF
38

Germany ENF

Abstain (1)

Marcus PRETZELL
1

Poland ENF

2

Romania ENF

1

Italy ENF

4

United Kingdom ENF

Against (1)

Janice ATKINSON
1

Belgium ENF

Against (1)

Gerolf ANNEMANS
1

Austria ENF

4

France ENF

20

Netherlands ENF

4
icon: EFDD EFDD
33

Germany EFDD

Abstain (1)

Beatrix von STORCH
1

Poland EFDD

1

Italy EFDD

15

United Kingdom EFDD

11

Czechia EFDD

For (1)

Petr MACH
1

France EFDD

1

Lithuania EFDD

For (1)

Rolandas PAKSAS
1

Sweden EFDD

2
icon: Verts/ALE Verts/ALE
45

Germany Verts/ALE

12

United Kingdom Verts/ALE

5

Spain Verts/ALE

4

Hungary Verts/ALE

2

Belgium Verts/ALE

2

Austria Verts/ALE

3

France Verts/ALE

4

Netherlands Verts/ALE

Against (1)

Bas EICKHOUT
2

Croatia Verts/ALE

Against (1)

Davor ŠKRLEC
1

Denmark Verts/ALE

Against (1)

Margrete AUKEN
1

Lithuania Verts/ALE

Against (1)

Bronis ROPĖ
1

Finland Verts/ALE

Against (1)

Heidi HAUTALA
1

Estonia Verts/ALE

For (1)

Indrek TARAND
1

Slovenia Verts/ALE

Against (1)

Igor ŠOLTES
1

Sweden Verts/ALE

4

Luxembourg Verts/ALE

Against (1)

Claude TURMES
1
icon: GUE/NGL GUE/NGL
48

Germany GUE/NGL

8

Italy GUE/NGL

3

United Kingdom GUE/NGL

Against (1)

Martina ANDERSON
1

Spain GUE/NGL

10

Czechia GUE/NGL

2

Portugal GUE/NGL

4

France GUE/NGL

4

Netherlands GUE/NGL

2

Denmark GUE/NGL

Against (1)

Rina Ronja KARI
1

Finland GUE/NGL

Against (1)

Merja KYLLÖNEN
1

Sweden GUE/NGL

Against (1)

Malin BJÖRK
1

Ireland GUE/NGL

3

Cyprus GUE/NGL

2

Greece GUE/NGL

6
AmendmentsDossier
1 2016/0033(COD)
2016/03/02 ECON 1 amendments...
source: 578.558

History

(these mark the time of scraping, not the official date of the change)

2023-08-03Show (11) Changes | Timetravel
docs/3
date
2016-05-18T00:00:00
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2021-12-18Show (14) Changes | Timetravel
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Rules of Procedure EP 159
2020-01-19Show (5) Changes | Timetravel
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2019-07-06Show (21) Changes | Timetravel
activities
  • date: 2016-02-10T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0056/COM_COM(2016)0056_EN.pdf title: COM(2016)0056 type: Legislative proposal published celexid: CELEX:52016PC0056:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services Commissioner: HILL Jonathan type: Legislative proposal published
  • date: 2016-02-25T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee_full: Development committee: DEVE body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2016-04-07T00:00:00 body: unknown type: Committee decision to open interinstitutional negotiations with report adopted in committee
  • date: 2016-04-07T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee_full: Development committee: DEVE body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE body: EP responsible: False committee_full: Legal Affairs committee: JURI
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  • date: 2016-06-07T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160607&type=CRE type: Debate in Parliament title: Debate in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0243 type: Decision by Parliament, 1st reading/single reading title: T8-0243/2016 body: EP type: Debate in Parliament
  • date: 2016-06-21T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
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  • date: 2016-06-30T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016L1034 title: Directive 2016/1034 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2016:175:TOC title: OJ L 175 30.06.2016, p. 0008 type: Final act published in Official Journal
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  • date: 2016-02-16T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE576.962 title: PE576.962 type: Committee draft report body: EP
  • date: 2016-03-02T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE578.558 title: PE578.558 type: Amendments tabled in committee body: EP
  • date: 2016-04-29T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52016AB0027:EN:NOT title: CON/2016/0027 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2016:223:TOC title: OJ C 223 21.06.2016, p. 0003 type: European Central Bank: opinion, guideline, report body: ECB
  • date: 2016-05-25T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1921)(documentyear:2016)(documentlanguage:EN) title: CES1921/2016 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2016-06-22T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F16&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00023/2016/LEX type: Draft final act body: CSL
  • date: 2016-07-14T00:00:00 docs: url: /oeil/spdoc.do?i=27048&j=0&l=en title: SP(2016)487 type: Commission response to text adopted in plenary
  • date: 2016-05-04T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0056 title: COM(2016)0056 type: Contribution body: IT_SENATE
  • date: 2016-04-22T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0056 title: COM(2016)0056 type: Contribution body: PT_PARLIAMENT
  • date: 2017-09-20T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0056 title: COM(2016)0056 type: Contribution body: PT_PARLIAMENT
events
  • date: 2016-02-10T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0056/COM_COM(2016)0056_EN.pdf title: COM(2016)0056 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0056 title: EUR-Lex summary: PURPOSE: to extend the date of entry into application of both instruments that are comprised in MIFID II on markets in financial instruments. PROPOSED ACT: Directive of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: Directive 2014/65/EU (‘MiFID’) together with Regulation (EU) No 600/2014 (‘MiFIR’) was adopted in the wake of the financial crisis. MiFID and MiFIR, collectively referred to as MiFID II , covers securities markets, investment intermediaries and trading venues. The new framework reinforces and replaces the current MiFID framework ( Directive 2004/39/EC ). Member States need to transpose the Directive by 3 July 2016. Both MiFID and MiFIR are scheduled to apply as of 3 January 2017 . During the legislative process, the very high level of complexity of the MiFID II package and the need for a significant number of implementing measures were recognised. To this end, a period of 30 months was foreseen between the adoption and the entry into application, instead of the usual 18-24 months. Despite this unusually long period, ESMA has made clear to the Commission that the technical implementing challenges are of such magnitude that essential data infrastructures will not be in place in time for 3 January 2017. This is a result of significant challenges in collecting the data that is necessary for the operation of the MiFID II rules. The absence of data has ramifications across multiple areas of MIFID II. As regards market regulation, it is clear that without the foundation of reference data (instrument ID) and the additional data infrastructures for transparency calculations and position reporting in place, it will not be possible to apply the majority of the market rules. In order to ensure legal certainty and avoid potential market disruption, urgent action is therefore needed to adjust the date of entry into application for MiFID II CONTENT: the purpose of the draft proposal amending Directive 2014/65/EU is to extend the entry into application of both instruments that are comprised in the MIFID II package as a result of the technical implementation challenges met by the European Securities and Markets Authority ('ESMA'), national competent authorities ('NCAs') and stakeholders. In order to enable ESMA, NCAs and stakeholders to complete the operational implementation, the Commission considered it appropriate to defer the date by which the Member States need to apply the measures transposing Directive 2014/65/EU and the date by which the repeal of Directive 2004/39/EC is to take effect by 12 months until 3 January 2018 . Reports and reviews should be deferred accordingly. The Commission stated that an extension of one year should provide sufficient and reasonable time for ESMA, NCAs and operators to put in place the infrastructure for data collection, reporting and the transparency threshold calculations.
  • date: 2016-02-25T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-04-07T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-04-07T00:00:00 type: Committee decision to open interinstitutional negotiations with report adopted in committee body: EP
  • date: 2016-04-11T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0126&language=EN title: A8-0126/2016 summary: The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments as regards certain dates. The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows: Exemptions : Members stated that this Directive shall not apply to persons dealing on own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emission allowances or derivatives thereof unless such persons: are either members of or participants in a regulated market or an MTF, on the one hand, or have direct electronic access to a trading venue, on the other hand, and, in either case, are engaging in a high-frequency algorithmic trading strategy on such a trading venue . Transposition : Members proposed that the Member States are to apply the measures transposing that Directive from 3 January 2017 (as opposed to 3 July 2016).
  • date: 2016-05-24T00:00:00 type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations body: EP docs: url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2016/05-18/ECON_AG(2016)604824_EN.pdf title: PE604.824
  • date: 2016-06-07T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27048&l=en title: Results of vote in Parliament
  • date: 2016-06-07T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160607&type=CRE title: Debate in Parliament
  • date: 2016-06-07T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0243 title: T8-0243/2016 summary: The European Parliament adopted by 502 votes to 158, with 6 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments as regards certain dates. Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows: Exemptions : Parliament stipulated that the exemption set out in point (d) of Article 2(1) of Directive 2014/65/EU should be extended to include non-financial entities who are members of or participants in a regulated market or a multilateral trading facility (MTF), or have direct electronic access to a trading venue when executing transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups. Third-country market : the amended text stated that a third-country market shall be considered to be equivalent to a regulated market if the requirements and the procedure laid down under the third and the fourth subparagraphs are fulfilled. At the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the examination procedure (comitology). The competent authority shall indicate why it considers that the legal and supervisory framework of the third country concerned is to be considered equivalent and shall provide relevant information to that end. Such a third-country legal and supervisory framework may be considered equivalent where that framework fulfils at least the following conditions: the markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis; the markets have clear and transparent rules regarding admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable; security issuers are subject to periodic and ongoing information requirements ensuring a high level of investor protection; and market transparency and integrity are ensured by the prevention of market abuse in the form of insider dealing and market manipulation. Committee procedure : the Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC. Transposition : Members proposed that the date of transposition of the Directive should be set at 3 July 2017 (instead of 3 July 2016).
  • date: 2016-06-21T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2016-06-22T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2016-06-23T00:00:00 type: Final act signed body: CSL
  • date: 2016-06-30T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to put back by one year the time limit for transposition and application of rules on markets in financial instruments (MIFID II package). LEGISLATIVE ACT: Directive (EU) 2016/1034 of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments. CONTENT: this Directive amends Directive 2014/65/EU (MIFID II) in order to put back the date of entry into application of the MIFID II, following difficulties encountered by the European Securities and Markets Authority (‘ESMA’) and national competent authorities, and stakeholders in technical implementation. The MIFID II directive, like Regulation (EU) No 600/2014 (MiFIR) should be applied 30 months after entry into force, i.e. 3 January 2017. The date of transposition of MIFID II is 3 July 2016. However, following difficulties in technical implementation encountered by ESMA and national competent authorities, new data collection infrastructure will not be in place by 3 January 2017. The implementation process for the data collection infrastructures involves five steps: business requirements, specifications, development, testing and deployment. ESMA estimates that those steps will be completed by January 2018. Deferral of dates : in order to ensure legal certainty and avoid potential market disruption, the Directive defers the date by which the Member States need to transpose Directive 2014/65/EU to 3 July 2017 . The new date for application of the Directive is 3 January 2018. The dates for reports and review are set back accordingly. Exemptions: the exemption set out in point (d) of Article 2(1) of Directive 2014/65/EU is extended to include non-financial entities who are members of or participants in a regulated market or a multilateral trading facility (MTF), or have direct electronic access to a trading venue when executing transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups. Third-country markets : the Directive provides that a third-country market shall be considered to be equivalent to a regulated market if the certain requirements laid down in the Directive are fulfilled. At the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the examination procedure (comitology). The Directive sets out the conditions that the third-country legal and supervisory framework must fulfil in order to be considered equivalent. ENTRY INTO FORCE: 1.7.2016. docs: title: Directive 2016/1034 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016L1034 title: OJ L 175 30.06.2016, p. 0008 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2016:175:TOC
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  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services commissioner: HILL Jonathan
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  • ECON/8/05718
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  • 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
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  • Amending Directive 2014/65/EU
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Markets in financial instruments: certain dates
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2016-07-02Show (3) Changes | Timetravel
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2016-06-24Show (4) Changes | Timetravel
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2016-06-17Show (1) Changes | Timetravel
activities/5/docs/1/text

  • The European Parliament adopted by 502 votes to 158, with 6 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments as regards certain dates.

    Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:

    Exemptions: Parliament stipulated that the exemption set out in point (d) of Article 2(1) of Directive 2014/65/EU should be extended to include non-financial entities who are members of or participants in a regulated market or a multilateral trading facility (MTF), or have direct electronic access to a trading venue when executing transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups.

    Third-country market: the amended text stated that a third-country market shall be considered to be equivalent to a regulated market if the requirements and the procedure laid down under the third and the fourth subparagraphs are fulfilled. At the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the examination procedure (comitology). The competent authority shall indicate why it considers that the legal and supervisory framework of the third country concerned is to be considered equivalent and shall provide relevant information to that end.

    Such a third-country legal and supervisory framework may be considered equivalent where that framework fulfils at least the following conditions:

    • the markets are subject to authorisation and to effective supervision and enforcement on an ongoing basis;
    • the markets have clear and transparent rules regarding admission of securities to trading so that such securities are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable;
    • security issuers are subject to periodic and ongoing information requirements ensuring a high level of investor protection; and
    • market transparency and integrity are ensured by the prevention of market abuse in the form of insider dealing and market manipulation.

    Committee procedure: the Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC.

    Transposition: Members proposed that the date of transposition of the Directive should be set at 3 July 2017 (instead of 3 July 2016).
2016-06-14Show (1) Changes | Timetravel
procedure/stage_reached
Old
Awaiting Council 1st reading position / budgetary conciliation convocation
New
Provisional agreement between Parliament and Council on final act
2016-06-10Show (1) Changes | Timetravel
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2016-06-09Show (11) Changes | Timetravel
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  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0243 type: Decision by Parliament, 1st reading/single reading title: T8-0243/2016
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2016-05-28Show (1) Changes | Timetravel
activities/5/type
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Indicative plenary sitting date, 1st reading/single reading
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2016-05-22Show (1) Changes | Timetravel
activities/4/docs/0/text

  • The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments as regards certain dates.

    The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

    Exemptions: Members stated that this Directive shall not apply to persons dealing on own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emission allowances or derivatives thereof unless such persons: are either members of or participants in a regulated market or an MTF, on the one hand, or have direct electronic access to a trading venue, on the other hand, and, in either case, are engaging in a high-frequency algorithmic trading strategy on such a trading venue.

    Transposition: Members proposed that the Member States are to apply the measures transposing that Directive from 3 January 2017 (as opposed to 3 July 2016).
2016-05-04Show (5) Changes | Timetravel
activities/1/committees/1/shadows/5
group
ENF
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ANNEMANS Gerolf
activities/3/committees/1/shadows/5
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2016-04-26Show (1) Changes | Timetravel
activities/4/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0126&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0126/2016
2016-04-12Show (2) Changes | Timetravel
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2016-04-09Show (1) Changes | Timetravel
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2016-04-08Show (2) Changes | Timetravel
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Rules of Procedure of the European Parliament EP 150
2016-03-18Show (2) Changes | Timetravel
activities/0/docs/0/text

  • PURPOSE: to extend the date of entry into application of both instruments that are comprised in MIFID II on markets in financial instruments.

    PROPOSED ACT: Directive of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: Directive 2014/65/EU (‘MiFID’) together with Regulation (EU) No 600/2014 (‘MiFIR’) was adopted in the wake of the financial crisis. MiFID and MiFIR, collectively referred to as MiFID II, covers securities markets, investment intermediaries and trading venues. The new framework reinforces and replaces the current MiFID framework (Directive 2004/39/EC).

    Member States need to transpose the Directive by 3 July 2016. Both MiFID and MiFIR are scheduled to apply as of 3 January 2017.

    During the legislative process, the very high level of complexity of the MiFID II package and the need for a significant number of implementing measures were recognised. To this end, a period of 30 months was foreseen between the adoption and the entry into application, instead of the usual 18-24 months.

    Despite this unusually long period, ESMA has made clear to the Commission that the technical implementing challenges are of such magnitude that essential data infrastructures will not be in place in time for 3 January 2017. This is a result of significant challenges in collecting the data that is necessary for the operation of the MiFID II rules.

    The absence of data has ramifications across multiple areas of MIFID II. As regards market regulation, it is clear that without the foundation of reference data (instrument ID) and the additional data infrastructures for transparency calculations and position reporting in place, it will not be possible to apply the majority of the market rules.

    In order to ensure legal certainty and avoid potential market disruption, urgent action is therefore needed to adjust the date of entry into application for MiFID II

    CONTENT: the purpose of the draft proposal amending Directive 2014/65/EU is to extend the entry into application of both instruments that are comprised in the MIFID II package as a result of the technical implementation challenges met by the European Securities and Markets Authority ('ESMA'), national competent authorities ('NCAs') and stakeholders.

    In order to enable ESMA, NCAs and stakeholders to complete the operational implementation, the Commission considered it appropriate to defer the date by which the Member States need to apply the measures transposing Directive 2014/65/EU and the date by which the repeal of Directive 2004/39/EC is to take effect by 12 months until 3 January 2018. Reports and reviews should be deferred accordingly.

    The Commission stated that an extension of one year should provide sufficient and reasonable time for ESMA, NCAs and operators to put in place the infrastructure for data collection, reporting and the transparency threshold calculations.
activities/2
date
2016-03-16T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
2016-03-17Show (1) Changes | Timetravel
activities/2/date
Old
2016-04-07T00:00:00
New
2016-03-16T00:00:00
2016-03-11Show (1) Changes | Timetravel
activities/2/date
Old
2016-03-16T00:00:00
New
2016-04-07T00:00:00
2016-02-27Show (3) Changes | Timetravel
activities/1
date
2016-02-25T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
procedure/dossier_of_the_committee
ECON/8/05718
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
2016-02-24Show (2) Changes | Timetravel
activities/0/commission/0
DG
Commissioner
HILL Jonathan
other/0
body
EC
dg
commissioner
HILL Jonathan
2016-02-20Show (5) Changes
activities
  • date: 2016-02-10T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0056/COM_COM(2016)0056_EN.pdf title: COM(2016)0056 type: Legislative proposal published celexid: CELEX:52016PC0056:EN body: EC commission: type: Legislative proposal published
  • date: 2016-03-16T00:00:00 body: EP type: Vote scheduled in committee, 1st reading/single reading
committees
  • body: EP responsible: False committee_full: Development committee: DEVE
  • body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus
  • body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
links
other
    procedure
    reference
    2016/0033(COD)
    subtype
    Legislation
    legal_basis
    Treaty on the Functioning of the EU TFEU 053-p1
    stage_reached
    Preparatory phase in Parliament
    summary
    Amending Directive 2014/65/EU
    instrument
    Directive
    title
    Markets in financial instruments: certain dates
    type
    COD - Ordinary legislative procedure (ex-codecision procedure)
    subject
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