Market operators and investment firms can continue operating even if the EU countries where they are based have not yet transposed the revised Markets in Financial Instruments Directive, or MiFID II, into national laws by Jan. 3, 2018, according to new guidance issued by the European Securities and Markets Authority on Dec. 18.

Authorizations granted under the first directive, MiFID I, including those granted to companies operating multilateral trading facilities, should continue to be valid after Jan. 3, 2018, when MiFID II is slated to take effect, the regulator said.

In addition, cross-border trading in regulated markets established in countries that have not yet transposed MiFID II by the start date should also continue, under certain conditions.

The Netherlands, Portugal, Spain and 14 other EU member states had yet to fully transpose MiFID II into national laws or regulations ahead of its implementation, Bloomberg News reported in October.