Capco’s Regulatory Monitoring Newsletter
Posted: 1 July 2014 | Source: Capco
MiFID II/MiFIR – Consultation and discussion paper on MiFID reforms published
On 22 May 2014, the European Securities and Markets Authority (ESMA) published the level 2 MiFID II/MiFIR texts:
- Consultation Paper on MiFID/MiFIR Technical Advice and
- Discussion Paper on MiFID/MiFIR draft Regulatory Technical Standards (RTS) / Implementing Technical Standards (ITS).
Over 800 pages ESMA provided a translation of the MiFID/MiFIR requirements into practically applicable rules and regulations to ensure that MiFID II achieves its objectives in practice.
Consultation Paper deals with topics where ESMA has to provide advice to the European Commission on delegated acts including the majority of the conduct of business requirements. The Consultation Paper includes the draft advice to the Commission. Since ESMA needs to deliver this advice to the European Commission by December 2014, the Consultation paper is subject to an abridged consultation process.
The Commission will then draft the delegated acts and discuss them with the European Securities Committee before sending them to the Council and European Parliament.
Discussion Paper: covers issues where there will be technical standards – mainly markets-related, rather than conduct-related, topics. At the end of this year or the beginning of 2015, ESMA will follow up this Discussion Paper by publishing a Consultation Paper, which will include drafts of the technical standards.