Capco’s Regulatory Monitoring Newsletter
Posted: 1 October 2014 | Source: Capco
MiFID II/MiFIR – Final texts published
On August 1 2014, the public consultation phase ended for market participants to share their opinions on technical advices, regulatory technical standards (RTS) and implementing technical standards (ITS) of the MiFID/MiFIR texts.
For this purpose ESMA published two documents in May 2014, the Consultation and Discussion paper. The Consultation paper on Technical Advice has to be submitted to the European Commission before December 2014. Based on these views, the European Commission has to issue the Delegated Acts which are mostly responsible for Investor protection before January 2016. The Discussion paper helps prepare for the next Consultation phase on RTS and ITS between December 2014 and March 2015. The resulting Consultation paper will cover the draft Technical standards for market infrastructure and trading related requirements, which must be submitted to the European Commission before June 2015 (for the RTS) and December 2015 (for the ITS).
These components will be the foundation of the final ‘Level 2’ texts published by the Commission for the MiIFD II legislation text.
The response of the market participants was overwhelming with over 300 answers to the Consultation Paper and 220 to the Discussion Paper. Answers came from institutions involved in a range of activities: asset management; banking; credit rating agencies; government, regulatory and enforcement; individuals; insurance and pension; investment services; investor relations; issuers; legal and accountancy; press; regulated markets, exchanges & trading systems; and sovereign issuers. In short, all institutions impacted by MiFID II/MiFIR should browse through the answers. These provide valuable information on competitors but more importantly also on the implications for other institutions in the value chain where dependencies might exist.