ESMA adopts the revised timing for P5 & P6 of UMR.

ESMA announced new Regulatory Technical Standards that (when made law) will align Europe with the new UMR timing.  In summary ESMA have delivered new RTS to the Commission which needs to put the amended RTS through a review and adoption process. As of now the amended RTS are not law but ESMA more or less says that they expect national regulators to take a 'risk-based' approach to application of the existing RTS and in other words not punish anyone who chooses to assume the new RTS apply immediately.

Thoughts on these RTS are also expressed by DRS over here, and a blog post explaining how these RTS affect the numbers of firms in P5 & P6 is over here at CloudMargin.