Since our last newsletter, ESMA has published the following in relation to Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“MiFID II”) and Regulation (EU) 600/2014 on markets of financial instruments ("MiFIR"):
- Final Report on the review of the technical standards for passporting under Article 34 of MiFID II (the “Final Report”); and
- Manual on post-trade transparency under MiFID II/ MiFIR (the “Manual”).
Final Report
On 11 July 2023, ESMA published their Final Report on the review of the technical standards for passporting under Article 34 of MiFID II. This Final Report contains, in Annex III and Annex IV respectively, a draft commission delegated regulation amending Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 and a draft commission implementing regulation amending Commission Implementing Regulation (EU) 2017/2382 of 14 December 2017, which together, propose targeted amendments to the existing regulatory technical standards ("RTS") and implementing technical standards ("ITS"). ESMA's proposed amendments to the RTS and ITS will introduce new information requirements to the list of details investment firms have to provide at the passporting stage.
ESMA has submitted the Final Report to the European Commission.
Manual
On 10 July 2023, ESMA published the Manual on post-trade transparency under MiFID II/ MiFIR. The purpose of this Manual is to act as a convergence tool in order to promote common approaches and practices in the areas of post-trade transparency and the transparency calculations.
Section 3 provides an introduction to the Manual, including a discussion of its purpose and legal basis as well as its content. Section 4 addresses the different aspects of post-trade transparency for equity and non-equity instruments. Finally, Section 5 deals with the transparency calculations for equity and non-equity instruments.
Market participants and national competent authorities should rely on this Manual for guidance on how to apply the relevant MiFIR obligations in a consistent manner. The Manual will be updated on a regular basis going forward.
CSSF Circular adopting ESMA Guidelines on MiFID II product governance requirements
On 15 September 2023, the CSSF published a circular (the “Circular”) informing that it will apply ESMA’s new guidelines on MiFID II product governance requirements (ESMA35-43-3448) (the “Guidelines”) from 3 October 2023 onwards. For more information on the content of these Guidelines we refer you to our previous newsletter articles available here.
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