MiFID II final technical standards: Biggest change to Europe’s energy markets since 90s

MiFID II final technical standards

James Maycock, risk consulting director at KPMG, comments in response to the European Securities and Markets Authority (ESMA)’s publication of its final technical standards for the Markets in Financial Instruments Directive (MiFID II)


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“The introduction of MiFID II is arguably the biggest change to Europe’s energy markets since liberalisation in the 90s, potentially bringing energy firms into a regulatory regime similar to that faced by the financial sector.

“We say 'potentially' as there are exemptions. The key question for energy organisations is whether they will come under the authorisation regime or not. A vast amount of process change and potentially large costs depend on that outcome.

“While we now have clarity on how these exemptions will be tested, a number of key elements remain unclear, in particular how the authorities will determine the relevant markets and market share.

“The regime starts in January 2017 but the first assessment will require firms to collect and analyse data for the year to 30 June 2016. This means that in some cases firms will face extremely demanding timeframes in meeting their implementation obligations."


Notes to editors:

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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