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On 14 January 2014 the European Parliament, the Council and the Commission reached a high-level agreement in principle on updating the rules for the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). Further technical issues that remain outstanding are expected to be finalised over the coming weeks. Moreover, a number of provisions require further delegated legislation and/or technical standards to be finalised. As a result, implementation of final rules may not be complete until up to three years after the legislation is formally adopted, which could be late 2016 or 2017. Drafts of MiFID II and MiFIR were first published by the European Commission (EC) on 20 October 2011. They are intended to bring more efficiency and transparency to the financial markets (including commodity markets), and to strengthen the protection of investors. The fact that over two years have passed and we are now into the 6th rotating EU presidency to marsha