The European Securities and Markets Authority (ESMA) has published its consultation on draft regulatory technical standards for the Markets in Financial Instruments Directive (MiFID) II.
The consultation consists of two papers, outlining responses to its previous discussion paper and further questions from ESMA. The second paper covers draft regulatory technical standards.
In total, over 1,000 pages of MiFID II regulations will need to be digested by market participants in the coming months.
The papers are open for public comment until 2 March 2015 and ESMA will host an open hearing on 19 February 2015.
Steven Maijoor, chair of ESMA, said, “Today’s implementing rules on both secondary markets and investor protection issues reflect ESMA’s desire to achieve the best outcome for market users and investors, taking into account the extensive submissions received from our stakeholders. The advice now goes to the European Commission to use in preparation of its delegated legislation, while our technical standards are open for a second round of consultation.”
“Once fully implemented, MiFID II will have a significant impact on the EU’s securities markets, its users and infrastructure providers. It will bring greater transparency and improve the overall functioning of markets thus strengthening investors’ trust in the financial sector.”
Consultation papers can be downloaded from ESMA's website HERE.