I did not order the escargot!

Ana Herrero-WallaceAs the European Commission prepares draft legislation for the overhaul of MiFID after a brief public consultation period the industry waits with bated breath.

However, both the MiFID review draft legislation and the Market Abuse Directive (MAD) review have been delayed more than once and seem to be proceeding at a snail’s pace. First we’re told to expect publication in June, now it is “after the summer holidays”. I now have my doubts whether we’ll even see publication in September. Will politicians really be spending their summer holidays discussing and making decisions on these issues?

I could argue that the delay is a good thing. We all have more time to try to understand the issues and ascertain the likely impact of the new legislation. On the other hand, the prolonged uncertainly can’t really be good for anyone. The word on the street is that some lobbyists are being turned away in Brussels due to the sheer weight of submissions they have been receiving. If this is true, it makes a mockery of the consultation process, surely.

If these delays continue I fear we will stop taking any of this seriously. Some of us find escargot particularly indigestible and would like to start tucking into the main course.

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