European Securities and Markets Authority Consults on MiFID II Review Changes

The European Securities and Markets Authority has published a consultation paper on equity transparency, the volume cap, circuit breakers, Systematic Internalisers, the equity consolidated tape provider, and flags for non-equity transparency. The consultation aims to increase 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 assessment for equity instruments, on equity transparency and on the volume cap;
• a draft of the new ITS on Systematic Internalisers;
• a section on the equity CTP in relation to the input/output data, to ensure full alignment between the transparency requirements and the CTP specifications;
• a section on flags to be used in the post-trade transparency reports for non-equity instruments which was missing in the previous consultation; and
• new rules specifying organizational requirements of trading venues, adding new provisions on circuit breakers and with targeted amendments to adapt to the Digital Operational Resilience Act framework.

The deadline for comments on the technical advice, RTS 1, the RTS on input and output data for CTP, and the flags under RTS 2 is September 15, 2024. The deadline for comments on the SI ITS, RTS 3 and RTS 7 is October 15, 2024. ESMA will prepare a final report and submit to the European Commission the technical advice and the draft technical standards for RTS 1, the whole input and output data RTS and RTS 2 in December, and the remaining mandates in March 2025.

Return to main website.