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Markets Infrastructure | Norton Rose Fulbright

Markets Infrastructure

July 2012


Timetable for 2012

DateExpected development
January 2012
  • 13 January: Deadline for responses to Ferber questionnaire on MiFID II
February 2012
  • 9 February: Political agreement reached between representatives of the European Commission, European Parliament, and the Council of the EU on EMIR
  • 17 February: Discussion paper on Level 2 EMIR measures published, to be followed by formal consultation paper
March 2012
  • 6 March: Public hearing on EMIR technical standards
  • 19 March: ESMA discussion paper on EMIR draft technical standards closed
  • 20 March: Council of the EU published EMIR compromise text (dated 19 March 2012)
  • 29 March: European Parliament adopts EMIR
April 2012


May 2012
  • 14 May: ECON voted on the rapporteur’s reports on CRD IV
June 2012
  • 1 June: Meeting of lawyer-linguists to review the text of EMIR
  • 7 June: Council of the EU working group session on MiFID II
  • 17 June: Council of the EU published revised text of EMIR (dated 15 June 2012)
  • 18-19 June: Consideration of MiFID II and MAD amendments in ECON committee
  • 25 June: ESMA published consultation paper on draft implementing technical standards
  • 26 June: Council of the EU working group session on MiFID II
July 2012
  • 4 July: Council of EU adopts EMIR
  • 12 July 2012: ESMA public hearing on draft implementing measures for EMIR
  • End of July 2012: The text of EMIR to be published in the Official Journal of the EU
August 2012


September 2012
  • By 30 September: All draft implementing technical standards under EMIR need to be submitted by ESMA to the European Commission
October 2012
  • 22-23 October: Indicative date for European Parliament plenary session on CRD IV
  • 22-23 October: Indicative date for European Parliament plenary session to consider MiFID II and MAD
November 2012 
December 2012
  • 31 December: Deadline for member states to transpose the CRD IV Directive into national law
  • End 2012: EMIR expected to take effect
  • End of 2012: IOSCO principles for financial market infrastructures to be transposed into national law
January 2013
  • 1 January: Proposed CRD IV Regulation and Directive to come into force (with full implementation of their requirements by 1 January 2019)