Currently, the legal position is that SII must be incorporated into national law by 30 June 2013 – with the regulation applying to firms from 1 Jan 2014. While these dates are clearly impossible, the European Commission have resisted putting through another directive to delay the legal start date. It is hoped this will encourage a resolution to the Omnibus II debate in October. It is widely reported that instead of another delay, the EC are proposing to issue a letter to member states confirming that legal action will not be taken against them.
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