INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR  European Commission consultation extending procedural rules for penalties imposed on data reporting service providers to consolidated tape providers under MiFIR On 6 February 2025, the European Commission launched a consultation on a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/803 by specifying rules of procedure for [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR  Start of Designated Publishing Entity (DPE) regime on 3 February and end of publication of Systematic Internalisers data On 24 January 2025, ESMA published an announcement to remind market participants that the new regime for the reporting of Over the Counter (OTC) transactions for post-trade transparency purposes [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR (and MAR) ESMA consults on Technical Advice on Listing Act implications On 12 December 2024, ESMA launched a consultation to gather feedback following changes to the Market Abuse Regulation (MAR) and Market in Financial Instruments Directive II (MIFID II) introduced by the Listing Act. Regarding MAR, ESMA [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR Public hearing on ESMA consultations on amendments to RTS on transaction data reporting and order book data under the MIFIR Review On 3 October 2024, ESMA launched two consultations on the review of regulatory technical standards (RTS) on transaction data reporting and order book data under MIFIR [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA updates its Q&A on MIFID II On 11 October 2024, ESMA updated the following Q&A on MIFID II Secondary markets: Lot sizes and position limits(2304) ESMA updates guidance under MIFIR Review On 16 October 2024, ESMA published: updates to the Q&As on transparency and market structure [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA announces next steps for the selection of Consolidated Tape Providers On 30 September 2024, publishing additional details on the selection of Consolidated Tapes Providers (CTPs) for bonds and for shares and Exchange-Traded Funds (ETFs). ESMA will launch the selection procedure for the CTP for bonds on [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR MIFIR review: ESMA launches new consultations On 10 July 2024, ESMA  published a new package of public consultations with the objective of increasing transparency and system resilience in financial markets, reducing reporting burden and promoting convergence in the supervisory approach.  This package includes:  Amendments to rules on the liquidity [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR European Commission consults on draft Delegated Regulation as regards OTC derivatives identifying reference data under MIFIR On 12 June 2024, the European Commission published for consultation a draft Delegated Regulation supplementing MIFIR as regards OTC derivatives identifying reference data to be used for the purposes of the [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA publishes data on markets and securities in the EEA On 16 May 2024, ESMA published the Statistics on Securities and Markets (ESSM) Report, with the objective of increasing access to data of public interest.  The report provides details about how securities markets in the European Economic Area [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA 2023 report on quality and use of data On 11 April 2024, ESMA published its fourth report on the quality and use of data. The report aims to provide transparency on how the data collected under different regulations is used systematically by authorities in the EU, [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has on March 1, 2024, published the results of the annual transparency calculations for equity and equity-like instruments, which [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA clarifies certain best execution reporting requirements under MIFID II On 13 February 2024, issued a Public Statement providing market participants with clarity concerning their reporting requirements under RTS28, pending full application of the new rules under MIFID II.  ESMA expects National Competent Authorities (NCAs) not to prioritise supervisory [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA and NCAs to coordinate supervisory activities on MIFID II pre-trade controls On 11 January 2024, ESMA launched a Common Supervisory Action (CSA) with National Competent Authorities (NCAs), with the objective of assessing the implementation of pre-trade controls (PTCs) by EU investment firms using algorithmic trading techniques. [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA discussion paper on MiFID II investor protection topics linked to digitalisation On 14 December 2023, ESMA published a Discussion Paper  on the digitalisation of retail investment services and related investor protection considerations. ESMA is seeking stakeholders input by 14 March 2024 on recommendations regarding online disclosures, [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA Analysis on the evolution of EEA share market structure since the application of MiFID II On 30 October 2023, ESMA published an article on the evolution of the European share market structure from 2019 to 2022, following the implementation of MIFID II. Specific focus is given [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID and MIFIR ESMA updates Q&As on MIFID II and MIFIR market structure topics On 13 October 2023, ESMA updated its Q&As on MIFID II and MIFIR market structure topics. ESMA has added two new Q&As in relation to access to CCPs and trading venues (TVs): (i) on the extent [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID ESMA to launch Common Supervisory Action on MiFID II sustainability requirements On 3 October 2023, ESMA announced it will launch a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on the integration of sustainability in firms’ suitability assessment and product governance processes and procedures in 2024. The goal of [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID / MIFIR ESMA analysis of the cross-border investment activity of firms On 19 July 2023, ESMA and national competent authorities (NCAs) completed an analysis of the cross-border provision of investment services during 2022. The increase in the cross-border provision of financial services has benefits for consumers and firms, as [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID / MIFIR ESMA highlights areas for improvement in firms’ disclosure of cost and charges under MIFID On 6 July  2023, ESMA published a Statement on its 2022 Common Supervisory Action (CSA) and on the mystery shopping exercise regarding compliance with disclosure requirements for costs and charges under MIFID II. Overall, firms [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/ MIFIR ESMA launches Call for Evidence on sustainability in suitability and product governance On 16 June 2023, ESMA launched a Call for Evidence on integrating sustainability preferences into suitability assessment and product governance arrangements under MIFID II.  The objective of this Call for Evidence is to gather industry feedback [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/ MIFIR Amended rules for transparency calculations to start applying on 5 June 2023 On 31 May 2023, ESMA informed stakeholders that the amended RTS 1 and RTS 2, under MIFIR, will start applying on 5 June 2023. The two RTS prescribe transparency requirements applicable to transactions in non-equity and [...]

INVESTMENT SERVICES & CAPITAL MARKETS Central Securities Depositary Regulation (CSDR) European Commission adopts Delegated Regulation amending RTS on settlement fails relating to cleared transactions by CCPs On 19 April 2023, the European Commission adopted a Delegated Regulation amending the RTS laid down in Commission Delegated Regulation (EU) 2018/1229 regarding the penalty mechanism for settlement fails [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID /MIFIR ESMA updates its guidance on product governance On 27 March 2023, ESMA published its Final Report on Guidelines on MIFID II product governance guidelines. The main amendments introduced to the guidelines concern: the specification of any sustainability-related objectives a product is compatible with; the practice of identifying a target market [...]

INVESTMENT SERVICES & CAPITAL MARKETS ESMA ESMA warning on Artificial intelligence in securities markets On 1 February 2023, ESMA published its TRV Risk Analysis Report on ‘Artificial intelligence in EU securities markets’ (the ‘Report’). In its Report, ESMA warns that a widespread use of artificial intelligence (AI) comes with risks. In particular, increased uptake may [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR Trading – Market data Delegated Regulation amending RTS on MIFID II tick size regime adopted On 1 February 2023, the European Commission adopted a Delegated Regulation amending the RTS laid down in Delegated Regulation (EU) 2017/588 (RTS 11) as regards the annual application date of the calculation of the [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA promotes clarity to market participants on best execution reporting under MIFID II On 14 December 2022, ESMA issued a statement to national competent authorities (NCAs) to deprioritise supervisory actions towards execution venues relating to the periodic reporting obligation on them to publish the RTS 27 reports, from 1 [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA consults on rules for passporting for investment firms On 17 November 2022, ESMA published a consultation on the review of the technical standards under Article 34 of MIFID II, covering the provision of investment services across the EU. The main amendments proposed add the following items to the [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA reminds firms of the impact of inflation in the context of investment services to retail clients On 27 September 2022, ESMA published a statement reminding firms to consider inflation and inflation risk when applying relevant MiFID II requirements in the interest of investor protection. Over the past months [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA updates Q&As on MIFID II and MIFIR transparency On 5 September 2022, ESMA updated its Q&As on transparency topics under MIFID II and MIFIR. ESMA has included a new Q&A in the section on third country issues to confirm that transactions executed between two branches of the same [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR European Commission report on qualification of financial advisors framework On 7 July 2022, the European Commission published a report, dated 30 June 2022, on the current framework for qualification of financial advisors in the EU, and assessment of possible ways forward. This report examines the feasibility of possible improvements [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA will not publish August SI regime data for non-equity instruments other than bonds and CTP data On 28 June 2022, ESMA announced that it will not publish the 1 August 2022 publication of the systematic internaliser (SI) regime data for non-equity instruments other than bonds, as well as [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA review of MIFID II framework on best execution reports by investment firms On 25 May 2022, ESMA published a final report (dated 16 May) on a review of the MiFID II framework on best execution reports. ESMA explains that due to the European Commission’s proposals to remove best [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA publishes complementary annual transparency calculations On 8 April 2022, ESMA began to make available the results of the annual transparency calculations for equity and equity-like instruments. These transparency parameters apply no later than 14 April 2022 and until 31 March 2023. From 1 April 2023 the next annual [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA finds shortcomings in supervision of cross-border investment activities and issues specific recommendations to CySEC On 10 March 2022, ESMA published its peer review report on the supervision of cross-border activities of investment firms. With this peer review, ESMA also issued Article 16 recommendations to the Cyprus Securities and [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA common supervisory action on MIFID II costs and charges  On 8 February 2022, ESMA launched a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MIFID II costs and charges disclosure rules across the European Union. The CSA will be conducted during 2022. This [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR Delegated Regulation lowering notification of significant net short positions published in the Official Journal On 11 January 2022, Commission Delegated Regulation (EU) 2022/27 amending the Short Selling Regulation as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares was published in [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID/MiFIR ESMA publishes its annual report on waivers and deferrals On 16 December 2021, published its Annual Report on waivers and deferrals for equity and non-equity instruments covering the year 2020. The report includes an analysis based on waivers for which ESMA issued an opinion to the competent authority. It [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID II/MiFIR Draft Guidelines and Regulatory Standards on common procedures and methodologies for the Supervisory Review and Evaluation Process (SREP) under the IFD/IFR. On 18 November 2021, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) launched two public consultations on draft Guidelines on common procedures [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID II/MiFIR ESMA seeks stakeholder input on shaping advice on retail investor protection On 1 October 2021, ESMA published a call for evidence on a number of retail investor protection topics under MiFID II. These views will feed into ESMA’s technical advice to the European Commission on the development of [...]

INVESTMENT SERVICES & CAPITAL MARKETS MiFID II/MiFIR ESMA consults on proposals for a review of the MIFID II best execution reporting regime On 24 September 2021, ESMA launched a consultation on proposals for improvements to the MiFID II framework on best execution reports. These proposals aim at ensuring effective and consistent regulation and supervision and [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID II/MIFIR European Commission call for advice to ESMA on retail investor protection On 2 August 2021, ESMA published a call for advice from the European Commission on its strategy for retail investments in the EU. The European Commission invites ESMA to provide advice on: Addressing and enhancing investor engagement [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID II/MIFIR ESMA publishes data for the systematic internaliser calculations On 30 July 2021, ESMA published data for the systematic internaliser quarterly calculations for equity, equity-like instruments, bonds and for other non-equity instruments under MiFID II and MiFIR. The data which is published on a voluntary basis covers the total [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/MIFIR ESMA issues an opinion on product intervention measures on “turbos” On 8 June 2021, ESMA issued an opinion on product intervention measures communicated by The Netherlands Authority for the Financial Markets (AFM).  These measures concern “turbos” which are high-risk leveraged products with which investors speculate that the prices of the underlying [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/MIFIR ESMA publishes final report on the MIFID/MIFIR obligations on market data On 1 June 2021, ESMA published its Final Report on Guidelines on the MiFIDII/MiFIR obligations on market data. The Final Report sets out guidelines on the requirements to publish market data on a reasonable commercial basis and to make market [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/MIFIR European Commission adopts Delegated Regulation correcting MiFID II Delegated Regulation On 21 April 2021, the European Commission adopted a Delegated Regulation (Amending Delegated Regulation) correcting Delegated Regulation (EU) 2017/565, which supplements MiFID II as regards organisational requirements and operating conditions for investment firms and defined terms. To be fully [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/MIFIR ESMA promotes coordinated action on the suspension of best execution reports under MiFID II On 31 March 2021, ESMA published a statement to promote coordinated action by national competent authorities (NCAs) under MiFID II. The statement relates to the temporary suspension of the obligation on execution venues to make [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/MIFIR ESMA second annual report on waivers and deferrals for equity and non-equity instruments under MiFIR On 2 February, ESMA published its annual report on the application of waivers and deferrals for equity instruments under MiFIR. The report included an analysis based on waivers for equity and equity-like instruments for [...]

INVESTMENT SERVICES & CAPITAL MARKETS MIFID/MIFIR ESMA Public Statement on MIFID II On 13 January 2021, ESMA issued a Public Statement to remind firms of the MiFID II requirements on the provision of investments services to retail or professional clients by firms not established or situated in the European Union (EU). With the end of the UK [...]