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MiFID II frame

MiFID II

MiFID II will have a significant impact on financial institutions providing services in the EU. Hogan Lovells has created this site to help firms understand what will change under MiFID II, and how those changes may affect their business.

MiFID II texts

MiFID II texts

Since the European Commission published its review of MiFID in 2010, there has been a steady stream of texts issued by the European institutions on MiFID II.

In this section, we set out links to some of the main EU texts relating to the adoption and implementation of MiFID II.  These texts are referred to in our briefing notes on this microsite.

THE MIFID II DIRECTIVE AND MIFIR

The main texts are the MiFID II Directive (see here) and the accompanying Markets in Financial Instruments Regulation ("MiFIR") (see here).  The Directive and MiFIR were both published in the Official Journal of the European Union on the same day (12 June 2014).  

Obvious errors in the definitions of "competent authority" and "structured deposit" were corrected in corrigenda to the text in July 2016 (see here and here). Further minor corrigenda to the text of the MiFID II Directive were published on 10 March 2017 (see here).

Timing

It was originally intended that most of the MiFID II provisions would become effective on 3 January 2017.  However, this has now been delayed by one year, so that the legislation will become effective by 3 January 2018.  This was confirmed by the publication on 30 June 2016 of a Directive and a Regulation (see here) to extend the application date of the MiFID II Directive and MiFIR by one year. The deadline for member states to transpose the MiFID II Directive into national law was extended to 3 July 2017.  This legislation also contains some limited substantive amendments to MiFID II. 

MIFID II DELEGATED ACTS

The European Securities and Markets Authority ("ESMA") published a Consultation Paper dated 22 May 2014 (see here) which contained most of its proposals in relation to investor protection issues. These topics were intended to be adopted in the form of delegated acts in secondary legislation.

This was followed by ESMA's Technical Advice to the Commission on the same topics on 19 December 2014 (see here).  

The Technical Advice was used as the basis for MiFID II delegated acts by the Commission, which adopted draft versions in the spring of 2016. The final versions of the following delegated acts were published in the Official Journal of the European Union on 31 March 2017:

  • the MIFID II Delegated Directive of 7 April 2016 (see here

  • the MIFID II Delegated Regulation of 25 April 2016 (see here

  • the MiFIR Delegated Regulation of 18 May 2016 (see here

MIFID II TECHNICAL STANDARDS

ESMA was tasked with preparing draft technical standards in relation to specific MiFID II topics.  ESMA published these draft technical standards in order for the Commission to consider them when adopting secondary legislation to implement the MiFID II Directive and MiFIR.

ESMA proposals

ESMA published a Discussion Paper dated 22 May 2014 (see here).  The Discussion Paper contained the more innovative and technically complex issues in MiFID II, such as transparency, data reporting and market structure, as well as a limited number of investor protection provisions. This discussion paper was followed by a further Consultation Paper on 19 December 2014 (see here) on these topics, together with draft regulatory technical standards (see here).   ESMA subsequently published an addendum consultation paper on 18 February 2015 (see here) on technical standards under MiFIR relating to transparency requirements for non-equity financial instruments.  

This was then followed by ESMA's publication on 30 June 2015 of most of the relevant draft technical standards (see here) on investor protection. In particular, these draft technical standards related to authorisation, passporting, non-EEA firms, and co-operation between regulators. On 31 August 2015, ESMA issued its final consultation paper (see here), containing draft implementing technical standards in relation to the suspension and removal of financial instruments from trading, information requirements for data reporting services providers, and position reporting.

On 28 September 2015, ESMA issued further draft technical standards (see here) and a final report (see here).  

On 11 December 2015, ESMA published a further release of eight draft technical standards (see here), mostly relating to templates for standard forms required under MiFID II.

On 20 September 2016, ESMA issued a discussion paper on the trading obligation for derivatives (see here).

On 3 October 2016, ESMA issued a consultation paper on a draft RTS on the scope of the non-equity consolidated tape (see here).

On 10 November 2016, ESMA published a consultation paper on a draft RTS on the transparency waiver applicable to certain package orders (see here).

Commission Delegated Regulations

During the summer of 2016, the European Commission adopted draft Delegated Regulations based on the ESMA proposals.  The Delegated Regulations set out the detailed requirements that will apply under MiFID II. 

Except where otherwise stated, the final versions of the Delegated Regulations were published in the Official Journal of the European Union on 31 March 2017:

  • Transparency for equities and equity-like instruments: Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (14 July 2016) (formerly RTS 1) (see here

  • Transparency for non-equities: Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (formerly RTS 2) (see here

  • Double volume cap: Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations (formerly RTS 3) (see here

  • Trading obligation for derivatives: Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation (formerly RTS 4) (published in the Official Journal 19 November 2016) (see here

  • Direct, substantial and foreseeable effect of derivatives in the EU: Commission Delegated Regulation (EU) 2017/579 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the direct, substantial and foreseeable effect of derivative contracts within the Union and the prevention of the evasion of rules and obligations (formerly RTS 5) (see here)

  • Algorithmic trading: Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading (formerly RTS 6) (see here

  • Trading venues: Commission Delegated Regulation (EU) 2017/584 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying organisational requirements of trading venues (formerly RTS 7) (see here

  • Market making: Commission Delegated Regulation (EU) 2017/578 of 13 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying the requirements on market making agreements and schemes (formerly RTS 8) (see here)

  • Ratio of unexecuted orders to transactions: Commission Delegated Regulation (EU) 2017/566 of 18 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions 
    (formerly RTS 9) (see here

  • Co-location and fee structures: Commission Delegated Regulation (EU) 2017/573 of 6 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on requirements to ensure fair and non-discriminatory co-location services and fee structures (formerly RTS 10) (see here)

  • Tick sizes: Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the tick size regime for shares, depositary receipts and exchange-traded funds (formerly RTS 11) (see here

  • Material market for the purposes of trading halt notifications: Commission Delegated Regulation (EU) 2017/570 of 26 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the determination of a material market in terms of liquidity in relation to notifications of a temporary halt in trading (formerly RTS 12) (see here

  • Data reporting services providers: Commission Delegated Regulation (EU) 2017/571 of 2 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services providers (formerly RTS 13) (see here)

  • Pre- and post-trade data and data disaggregation: Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre-and post-trade data and the level of disaggregation of data (formerly RTS 14) (see here)

  • Access to trading venues and CCPs: Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties (formerly RTS 15) (see here

  • Access to benchmarks: Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks (formerly RTS 16) (published in the Official Journal on 19 November 2016) (see here)

  • Admission of financial instruments to trading: Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets (formerly RTS 17) (see here)

  • Suspension and removal of financial instruments from trading: Commission Delegated Regulation (EU) 2017/569 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the suspension and removal of financial instruments from trading (formerly RTS 18) (see here)

  • Description of functioning of MTFs and OTFs: Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (formerly ITS 19) (published in the Official Journal 26 May 2016) (see here)

  • Ancillary activity exemption: Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business (formerly RTS 20) (see here)

  • Position limits: Commission Delegated Regulation (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives (formerly RTS 21) (see here)

  • Transaction reporting: Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (formerly RTS 22) (see here

  • Financial instrument reference data: Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (formerly RTS 23) (see here

  • Order record keeping: Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments (formerly RTS 24) (see here

  • Accuracy of business clocks: Commission Delegated Regulation (EU) 2017/574 of 7 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the level of accuracy of business clocks (formerly RTS 25) (see here

  • Clearing obligation for derivatives: Commission Delegated Regulation (EU) 2017/582 of 29 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing (formerly RTS 26) (see here)

  • Best execution (data on quality of execution): Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions (formerly RTS 27) (see here

  • Best execution (top 5 execution venues): Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (formerly RTS 28) (see here

  • Registration of third country firms: Commission Delegated Regulation (EU) 2016/2022 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards concerning the information for registration of third country firms and the format of information to be provided to the clients (published in the Official Journal on 19 November 2016) (see here)

  • Co-operation between competent authorities: Commission Delegated Regulation (EU) 2017/586 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations (see here)

The Commission has adopted the following Delegated Regulations, which are not yet in final form:

  • Passporting: Draft Commission Delegated Regulation (EU) …/... of 29.6.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions (see here) (draft adopted on 29 June 2016) 

  • Authorisation: Draft Commission Delegated Regulation (EU) …/... of 14.7.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on information and requirements for the authorisation of investment firms (see here) (draft adopted on 14 July 2016)

  • Exemption of third country central banks: Draft Commission Delegated Regulation (EU) …/... supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council as regards the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements (see here) (draft adopted on 6 April 2017)

MiFID II Guidelines 

ESMA has published Guidelines on the following topics:

  • complex debt instruments and structured deposits: consultation on draft guidelines (24 March 2015) (see here) and final guidelines (26 November 2015) (see here)
  • assessment of knowledge and competence in investment advisers: consultation on draft guidelines (23 April 2015) (see here) and final guidelines (17 December 2015) (see here)
  • cross-selling: consultation on draft guidelines by the ESAs (22 December 2014) (see here) and final guidelines (22 December 2015) (see here)
  • transaction reporting, reference data, order record keeping and clock synchronisation: consultation on draft guidelines (23 December 2015) (see here) and final guidelines (see here) with a final report (see here) (10 October 2016)
  • product governance: consultation on draft guidelines (5 October 2016) (see here)
  • requirements for the management boards of trading venues and data reporting service providers: consultation on draft guidelines (see here) (5 October 2016)
  • calibration, publication and reporting of trading halts: consultation on draft guidelines (6 October 2016) (see here) and final guidelines (see here) with a final report (see here) (6 April 2017)

MiFID II Q&A

ESMA has published Q&A on the following topics, which are updated by ESMA on a rolling basis. The date noted below is the date of the latest update:

  • the double volume cap (3 October 2016) (see here)
  • investor protection (4 April 2017) (see here)
  • transparency (5 April 2017) (see here)
  • commodity derivatives (5 April 2017) (see here)
  • market structures (5 April 2017) (see here)
  • MiFIR data reporting (3 April 2017) (see here)

MiFIR technical reporting requirements and templates

ESMA has issued technical reporting requirements in relation to data for transaction reporting, transparency, financial instrument references, and the double volume cap. These are summarised in ESMA's briefing note (see here.)

  • About MiFID II
  • Algorithmic and high-frequency trading
  • Commodity derivatives
  • Data reporting services
  • Derivatives
  • Investor protection
  • Transaction reporting
  • Market infrastructure, trading venues and CCPs
  • Member state implementation
  • MiFID II texts

    MiFID II texts

    MiFID II texts

    Since the European Commission published its review of MiFID in 2010, there has been a steady stream of texts issued by the European institutions on MiFID II.

    In this section, we set out links to some of the main EU texts relating to the adoption and implementation of MiFID II.  These texts are referred to in our briefing notes on this microsite.

    THE MIFID II DIRECTIVE AND MIFIR

    The main texts are the MiFID II Directive (see here) and the accompanying Markets in Financial Instruments Regulation ("MiFIR") (see here).  The Directive and MiFIR were both published in the Official Journal of the European Union on the same day (12 June 2014).  

    Obvious errors in the definitions of "competent authority" and "structured deposit" were corrected in corrigenda to the text in July 2016 (see here and here). Further minor corrigenda to the text of the MiFID II Directive were published on 10 March 2017 (see here).

    Timing

    It was originally intended that most of the MiFID II provisions would become effective on 3 January 2017.  However, this has now been delayed by one year, so that the legislation will become effective by 3 January 2018.  This was confirmed by the publication on 30 June 2016 of a Directive and a Regulation (see here) to extend the application date of the MiFID II Directive and MiFIR by one year. The deadline for member states to transpose the MiFID II Directive into national law was extended to 3 July 2017.  This legislation also contains some limited substantive amendments to MiFID II. 

    MIFID II DELEGATED ACTS

    The European Securities and Markets Authority ("ESMA") published a Consultation Paper dated 22 May 2014 (see here) which contained most of its proposals in relation to investor protection issues. These topics were intended to be adopted in the form of delegated acts in secondary legislation.

    This was followed by ESMA's Technical Advice to the Commission on the same topics on 19 December 2014 (see here).  

    The Technical Advice was used as the basis for MiFID II delegated acts by the Commission, which adopted draft versions in the spring of 2016. The final versions of the following delegated acts were published in the Official Journal of the European Union on 31 March 2017:

    • the MIFID II Delegated Directive of 7 April 2016 (see here

    • the MIFID II Delegated Regulation of 25 April 2016 (see here

    • the MiFIR Delegated Regulation of 18 May 2016 (see here

    MIFID II TECHNICAL STANDARDS

    ESMA was tasked with preparing draft technical standards in relation to specific MiFID II topics.  ESMA published these draft technical standards in order for the Commission to consider them when adopting secondary legislation to implement the MiFID II Directive and MiFIR.

    ESMA proposals

    ESMA published a Discussion Paper dated 22 May 2014 (see here).  The Discussion Paper contained the more innovative and technically complex issues in MiFID II, such as transparency, data reporting and market structure, as well as a limited number of investor protection provisions. This discussion paper was followed by a further Consultation Paper on 19 December 2014 (see here) on these topics, together with draft regulatory technical standards (see here).   ESMA subsequently published an addendum consultation paper on 18 February 2015 (see here) on technical standards under MiFIR relating to transparency requirements for non-equity financial instruments.  

    This was then followed by ESMA's publication on 30 June 2015 of most of the relevant draft technical standards (see here) on investor protection. In particular, these draft technical standards related to authorisation, passporting, non-EEA firms, and co-operation between regulators. On 31 August 2015, ESMA issued its final consultation paper (see here), containing draft implementing technical standards in relation to the suspension and removal of financial instruments from trading, information requirements for data reporting services providers, and position reporting.

    On 28 September 2015, ESMA issued further draft technical standards (see here) and a final report (see here).  

    On 11 December 2015, ESMA published a further release of eight draft technical standards (see here), mostly relating to templates for standard forms required under MiFID II.

    On 20 September 2016, ESMA issued a discussion paper on the trading obligation for derivatives (see here).

    On 3 October 2016, ESMA issued a consultation paper on a draft RTS on the scope of the non-equity consolidated tape (see here).

    On 10 November 2016, ESMA published a consultation paper on a draft RTS on the transparency waiver applicable to certain package orders (see here).

    Commission Delegated Regulations

    During the summer of 2016, the European Commission adopted draft Delegated Regulations based on the ESMA proposals.  The Delegated Regulations set out the detailed requirements that will apply under MiFID II. 

    Except where otherwise stated, the final versions of the Delegated Regulations were published in the Official Journal of the European Union on 31 March 2017:

    • Transparency for equities and equity-like instruments: Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (14 July 2016) (formerly RTS 1) (see here

    • Transparency for non-equities: Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (formerly RTS 2) (see here

    • Double volume cap: Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations (formerly RTS 3) (see here

    • Trading obligation for derivatives: Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation (formerly RTS 4) (published in the Official Journal 19 November 2016) (see here

    • Direct, substantial and foreseeable effect of derivatives in the EU: Commission Delegated Regulation (EU) 2017/579 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the direct, substantial and foreseeable effect of derivative contracts within the Union and the prevention of the evasion of rules and obligations (formerly RTS 5) (see here)

    • Algorithmic trading: Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading (formerly RTS 6) (see here

    • Trading venues: Commission Delegated Regulation (EU) 2017/584 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying organisational requirements of trading venues (formerly RTS 7) (see here

    • Market making: Commission Delegated Regulation (EU) 2017/578 of 13 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying the requirements on market making agreements and schemes (formerly RTS 8) (see here)

    • Ratio of unexecuted orders to transactions: Commission Delegated Regulation (EU) 2017/566 of 18 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions 
      (formerly RTS 9) (see here

    • Co-location and fee structures: Commission Delegated Regulation (EU) 2017/573 of 6 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on requirements to ensure fair and non-discriminatory co-location services and fee structures (formerly RTS 10) (see here)

    • Tick sizes: Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the tick size regime for shares, depositary receipts and exchange-traded funds (formerly RTS 11) (see here

    • Material market for the purposes of trading halt notifications: Commission Delegated Regulation (EU) 2017/570 of 26 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the determination of a material market in terms of liquidity in relation to notifications of a temporary halt in trading (formerly RTS 12) (see here

    • Data reporting services providers: Commission Delegated Regulation (EU) 2017/571 of 2 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services providers (formerly RTS 13) (see here)

    • Pre- and post-trade data and data disaggregation: Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre-and post-trade data and the level of disaggregation of data (formerly RTS 14) (see here)

    • Access to trading venues and CCPs: Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties (formerly RTS 15) (see here

    • Access to benchmarks: Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks (formerly RTS 16) (published in the Official Journal on 19 November 2016) (see here)

    • Admission of financial instruments to trading: Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets (formerly RTS 17) (see here)

    • Suspension and removal of financial instruments from trading: Commission Delegated Regulation (EU) 2017/569 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the suspension and removal of financial instruments from trading (formerly RTS 18) (see here)

    • Description of functioning of MTFs and OTFs: Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (formerly ITS 19) (published in the Official Journal 26 May 2016) (see here)

    • Ancillary activity exemption: Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business (formerly RTS 20) (see here)

    • Position limits: Commission Delegated Regulation (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives (formerly RTS 21) (see here)

    • Transaction reporting: Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (formerly RTS 22) (see here

    • Financial instrument reference data: Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (formerly RTS 23) (see here

    • Order record keeping: Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments (formerly RTS 24) (see here

    • Accuracy of business clocks: Commission Delegated Regulation (EU) 2017/574 of 7 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the level of accuracy of business clocks (formerly RTS 25) (see here

    • Clearing obligation for derivatives: Commission Delegated Regulation (EU) 2017/582 of 29 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing (formerly RTS 26) (see here)

    • Best execution (data on quality of execution): Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions (formerly RTS 27) (see here

    • Best execution (top 5 execution venues): Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (formerly RTS 28) (see here

    • Registration of third country firms: Commission Delegated Regulation (EU) 2016/2022 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards concerning the information for registration of third country firms and the format of information to be provided to the clients (published in the Official Journal on 19 November 2016) (see here)

    • Co-operation between competent authorities: Commission Delegated Regulation (EU) 2017/586 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations (see here)

    The Commission has adopted the following Delegated Regulations, which are not yet in final form:

    • Passporting: Draft Commission Delegated Regulation (EU) …/... of 29.6.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying information to be notified by investment firms, market operators and credit institutions (see here) (draft adopted on 29 June 2016) 

    • Authorisation: Draft Commission Delegated Regulation (EU) …/... of 14.7.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on information and requirements for the authorisation of investment firms (see here) (draft adopted on 14 July 2016)

    • Exemption of third country central banks: Draft Commission Delegated Regulation (EU) …/... supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council as regards the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements (see here) (draft adopted on 6 April 2017)

    MiFID II Guidelines 

    ESMA has published Guidelines on the following topics:

    • complex debt instruments and structured deposits: consultation on draft guidelines (24 March 2015) (see here) and final guidelines (26 November 2015) (see here)
    • assessment of knowledge and competence in investment advisers: consultation on draft guidelines (23 April 2015) (see here) and final guidelines (17 December 2015) (see here)
    • cross-selling: consultation on draft guidelines by the ESAs (22 December 2014) (see here) and final guidelines (22 December 2015) (see here)
    • transaction reporting, reference data, order record keeping and clock synchronisation: consultation on draft guidelines (23 December 2015) (see here) and final guidelines (see here) with a final report (see here) (10 October 2016)
    • product governance: consultation on draft guidelines (5 October 2016) (see here)
    • requirements for the management boards of trading venues and data reporting service providers: consultation on draft guidelines (see here) (5 October 2016)
    • calibration, publication and reporting of trading halts: consultation on draft guidelines (6 October 2016) (see here) and final guidelines (see here) with a final report (see here) (6 April 2017)

    MiFID II Q&A

    ESMA has published Q&A on the following topics, which are updated by ESMA on a rolling basis. The date noted below is the date of the latest update:

    • the double volume cap (3 October 2016) (see here)
    • investor protection (4 April 2017) (see here)
    • transparency (5 April 2017) (see here)
    • commodity derivatives (5 April 2017) (see here)
    • market structures (5 April 2017) (see here)
    • MiFIR data reporting (3 April 2017) (see here)

    MiFIR technical reporting requirements and templates

    ESMA has issued technical reporting requirements in relation to data for transaction reporting, transparency, financial instrument references, and the double volume cap. These are summarised in ESMA's briefing note (see here.)

  • Pre- and post-trade transparency
  • Third country access

Contacts

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