Dáil Éireann Debate, Tuesday - 11 July 2017
164. Deputy Sean Sherlock asked the Minister for Finance the likely publication date for the legislation required to give effect to EU Directive 2014/65/EU on markets in financial instruments MiFID II into law, in view of the fact that the official date for transposition of that directive into law was 3 July 2017; and if he will make a statement on the matter. [32767/17]
View answerThe European Union's cornerstone for financial markets legislation is the Market in Financial Instruments Directive (MiFID) which provides the framework for investment service providers. The original directive, MiFID I, has been updated and MiFID II was due to be transposed into Irish law by the 3rd of July.
MiFID II is voluminous and complex legislation and to date only one Member State has communicated full transposition measures to the European Commission. We, along with a number of other Member States, have not meet the transposition date of the 3rd of July for this Directive.
My officials are working closely with the Office of the Parliamentary Council and the Central Bank of Ireland to complete the work on the transposing regulations as quickly as possible. It is expected that the work on the transposing regulations will be completed in the coming weeks.
In the meantime, I intend to publish a Feedback Statement on the Public Consultation on national discretions in the Markets in Financial Instruments Directive in the coming days. This will publish the responses received to the Consultation, provide a summary of the responses to each of the questions posed and set out the decisions taken with regard to national discretions.
This will provide clarity to industry on the approaches we have taken on national discretions ahead of the publication of the MiFID transposing regulations in the coming weeks.
