Amendments to MiFID II and MiFIR
Further to the entry into force of Regulation (EU) 2024/2809 (the "Listing Act Regulation"), Article 25 of MiFIR has been amended. Article 25 deals with the obligations on the operators of a trading venue to keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems has been amended. With this latest amendment, Article 25 now includes an obligation that the relevant data relating to all orders in financial instruments which are advertised through their systems, must be kept in a machine-readable format and using a common template. The consolidated version of MiFIR (as amended by the Listing Act Regulation) is available here.
While Directive (EU) 2024/2811 (the "Listing Act Directive") has already entered into force on 4 December 2024, the amendments to MiFID II shall be transposed until 6 June. In the meantime, Draft Law No. 8498 transposing inter alia the Listing Act Directive's amendments to MiFID II has been submitted to the Luxembourg Parliament (Chambre des Députés) – see separate article on this draft law in this newsletter.
ESMA updates
There have been various ESMA publications on MiFID II and MIFIR in recent months, including:
16 December 2024: a final report on bond transparency and reasonable commercial basis under MiFIR Review Trading, that includes RTS;
16 December 2024: a feedback statement on the criteria to assess consolidated tape provider applicants;
24 January 2025: a press release reminding that the new regime for the reporting of Over the Counter transaction started on 3 February 2025 and it added that it won’t published quarterly systematic internalisers data publications anymore;
21 February 2025: updated Questions and Answers on MiFID II Secondary Markets regarding open interest thresholds in energy derivatives.
8 April 2024: a final report with technical advice to the European Commission on the amendments to the research provisions in the MiFID II Delegated Directive in the context of the Listing Act
10 April 2025: a final report on technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies, that has been sent to EC that has 3 months to decide whether it will adopt the technical standards or not.
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