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ESMA to Propose Two Amendments to its RTSs under MiFID II and MiFIR

The European Securities and Markets Authority (ESMA) issued two Opinions proposing amendments to its draft Regulatory Technical Standards (RTSs) under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). ESMA proposes to revise the RTS on non-equity transparency, which includes requirements in respect of bonds, structured finance products, emission allowances and derivatives, and the RTS on the methodology for the calculation and application of position limits for commodity derivatives. The Opinions were produced in response to proposed amendments by the European Commission to these draft RTSs.

MiFID II will extend transparency requirements to non-equity products, the implementation of which is detailed in ESMA’s draft RTS. While overall supportive of the approach taken in the draft RTS, on April 20, 2016, the Commission requested ESMA to phase-in the application of certain parts of this new transparency regime to mitigate possible liquidity risks to bond markets. Under the phased-in approach, initially less demanding transparency requirements would be applied. These would be gradually strengthened over a period of four years until they reach the level of transparency initially proposed by ESMA. Consequently, significantly fewer instruments than initially proposed would be subject to the real-time transparency regime at the start of MiFID II.

News Characteristics

Date : May 03, 2016
Region : Europe
Industry : Capital Markets
Function : Regulation and Compliance
Sub-Function : Regulatory changes