December 18, 2017 / 3:56 PM / a month ago

EU watchdog reassures on continuity of trading under new rules

LONDON, Dec 18 (Reuters) - Investment firms and trading platforms in the European Union can continue operating even if their home state has not written new EU rules into national law by their January start date, the bloc’s securities watchdog said on Monday.

About 19 EU states had still not fully implemented the “MiFID II” rules into national law by October. This raised concerns about whether trading platforms and investment firms from those countries could still operate on a pan-EU basis from January.

“The authorisation granted under MiFID I should continue to be valid after 3 January 2018,” the European Securities and Markets Authority said in new guidance on Monday.

MiFID II is already a year late, having been delayed to give regulators and banks more time to get ready.

Reporting by Huw Jones, editing by David Evans

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