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Report: EU Parliament approves delay of MiFID II

TheEuropean Parliament on April 7 approved a European Commission proposal topush back theimplementation date of the revised Markets In Financial Instruments Directive,or MiFID II, by ayear to 2018 to make "targeted amendments" to the new rules,Bloomberg News reported the same day.

Thechanges will includeexemptions on certain securities-financing transactions, the news agency said.It quoted MEP Markus Ferber as saying that changes to MiFID II were necessary"to smooth out implementation problems."

Bloombergnoted that the EC initially sought to postpone the implementation of the newrules to enable companies to create data-reporting systems. Itadded that lawmakers have warned the EC to accelerate work on MiFID II or riskderailing the timetable of its enforcement.