The MiFID II Directive (2014/65/EU) seeks to implement a major overhaul of existing legislation concerning the structures within which financial instruments are traded in the EU. MiFID II was agreed by national governments and the European Parliament in early 2014, and slated for implementation on January 3, 2017. However, on November 10, 2015 Stephen Masjoor, the chair of the European Securities and Markets Authority (ESMA), noted that the timing for stakeholders and regulators to implement the rules and build the necessary IT systems is extremely tight, and there are a few areas where the calendar is already unfeasible. The press has since reported that the likely delay in implementation of MiFID II may be up to a year.