(Bloomberg) -- A one-year delay of the European Union financial-market rules known as MiFID II is needed to allow banks and other companies to beef up their IT systems to comply with the law’s intense data-reporting requirements, according to a European Commission document.

Pushing back the law’s start date to January 2018 “would appear appropriate so as to be reasonably satisfied that there will be no need for a repetition of the delay, but without extending the time frame excessively -- and hence relax the implementation speed,” according to the undated commission document prepared for technical meetings and obtained by Bloomberg.

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