Even now, at the end of October, Luxembourg's Chamber of Deputies has yet to vote on the existing "draft law" and is waiting for feedback from the Council of State.
Two months before the deadline for the implementation of MiFID II – one of the most complex and expansive pieces of regulation for the financial sector in recent years – Luxembourg is lagging behind in transposing the EU directive for Markets in Financial Instruments (MiFID) into national law.
Last month, the European Commission sent two letters of formal notice to Luxembourg about failing to implement MiFID. Like all EU member states, the Grand-Duchy should have transposed the regulation into national law before July 3.
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