Banks in the European Union

Banks in the European Union can get more time to implement the new regulatory requirements for financial markets. On Wednesday, the European Commission said that probably is not enough time to implement business rules provided for in the new directive on markets in financial instruments (MiFID II). According to the plan, they should enter into force by January 2017 Brussels recognizes that there may be a need for a one-year extension to allow the sector to adapt their systems and business, writes Bloomberg.
Insufficient time
European Commission cited as the reason for the proposed extension complexity of the necessary legal measures and related technology standards, and the vast amount of work that must be done by the regulators and companies. The Commission also refers to the warnings of the European market regulator ESMA, it will not be possible certain aspects of MiFID II to be implemented in time. Representatives of ESMA shall specify the new Directive regulatory technical standards, known as RTS. Before taking a final decision on the matter, the Commission will consult the European Parliament and EU countries.
Financial institutions are lobbying hard against the new rules, which they say threaten their business. Banks are particularly critical to the transparency measures in trade in bonds and paid investment research.
"The results of the extension can be in two directions," said Richard Reid, an expert in financial regulations in the University of Dundee. "On the one hand, this gives more time for things to be done properly and reduces the probability of failure of the system. On the other hand, this could slow the momentum for reforms and to allow the industry to work for the relief measures," he says.
Capital Markets
Changes in the rules for financial markets occupy a central role in efforts to strengthen regulations after the crisis of 2008. The new rules will affect all companies operating in the EU financial sector - from banking giants like Deutsche Bank and Goldman Sachs to small hedge funds. Various groups representing the financial sector have long requested extension, arguing that companies need more time to adapt to the new rules, many of which require significant technological changes in their systems. Do you know you can open a trade and make payment to users, select currency and payment, mark payment complete and get btc in your BitPium wallet? Visit for more information.
Deutsche Bank warned that there could be "potentially harmful effects for capital markets," the new transparency rules on trading in securities that exceed the standards in the United States. Industry criticized restrictions on paid financial research against conflicts of interest among various participants in the trade. Apart from banks these points from the plans have been criticized by the finance ministers of the three largest economies in the region - Germany, Britain and France.