EC Extends Deadline on MiFID & NFRD Consultations

In light of the global COVID-19 crisis, the European Commission (EC) has extended the deadline for the MiFID II//R and the NFRD consultations by four weeks (see here).

• The deadline for the MiFID II/R review consultation will now be 18 May 2020 (previously due by 20 April 2020).
• The deadline for the non-financial reporting directive (NFRD) review will now be 11 June 2020 (previously due by 14 May 2020).

Areas of review that have potential impacts to the securities lending industry are as follows:

• Multilateral trading
• EU Consolidated tape
• Security Token Offering (STO)
• Transparency of equity market structures/ trading venues

A reminder that if you are part of an ISLA member firm and would like the opportunity to discuss this with other members in a working group forum, or highlight any potential impacts to securities lending as well as areas that you feel require advocacy, then please contact

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