On December 5, Valdis Dombrovskis, the vice-president of the European Commission (EC), recognized that most European Union (EU) Member States have not yet fully adopted the provisions set out under the revised Markets in Financial Instruments Directive (MiFID II). In a public session of a meeting of EU finance ministers in Brussels, Mr. Dombrovskis urged Member States to adapt national legislation before the rules go into effect on January 3, 2018.

The EC said that 17 of the 28 EU Member States had not fully transposed MiFID II into national law and further noted that to apply the rules in time could result in investment firms and market operators facing disruptions to their activities.

The EC’s status on the transposition of MiFID II in the EU, which was last updated on October 6, is available here. Please note that it has not been updated to reflect that there are now 17 Member States that have yet to fully transpose MiFID II.