Tag Archives: MiFID 2

MiFID 2 Article 3 firms

We wrote an article for Financial Adviser on the impact of MiFID 2 on article 3 firms.

FCA publishes MiFID 2 passporting forms

FCA has published a new page on its website outlining how a firm can apply for a passport under MiFID 2. It also includes details of deadlines and links to the relevant application forms. Firms need to use these forms if they are newly authorised under MiFID 2 or where they relate to activities implemented as MiFID 2 […]

ESMA consults on MiFID 2 suitability requirements

ESMA is consulting on guidelines on certain aspects of the MiFID 2 suitability requirements. ESMA wants to build on existing guidelines to: take account of technological innovations including the move to robo-advice; consider the experiences of regulators on the current requirements; and cater for studies on behavioural finance that have been undertaken. It asks for […]

ESMA publishes guidelines on cooperation between authorities under the Central Securities Depositories Regulation

ESMA has today published guidelines (the Guidelines) to ensure that competent authorities (CAs) apply the Central Securities Depositories Regulation (CSDR) in a consistent, efficient and effective supervisory manner, which includes cooperating with each other. Under Article 14(1) of the CSDR, CAs and ESMA are expected to cooperate closely, including exchanging all relevant information applicable under the regulation.  […]

ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries topics

ESMA has today updated its Q&A topics on best execution and recording of telephone conversations and electronic communications. Best execution MiFID II requires investment firms to take all sufficient steps to obtain the best possible result for the client when executing orders.    It also requires trading venues to publish, without charge,  data on the quality of the […]

Examining product governance guidelines under MiFID II

The product governance guidelines under MiFID II are part of the regulatory framework aimed at protecting investors across the EEA.  ESMA published its final report on the guidelines on 2 June 2017. Bond Dickinson has produced a briefing note that looks at: the purpose of the guidelines, how the guidelines differ from ESMA’s consultation, the […]

MiFID 2 implementation update

We have written an article on the current state of play of MiFID 2 implementation in the UK, including a detailed summary of FCA’s final rules.

ESMA updates MiFID 2 FAQ

ESMA has updated its set of FAQs under MiFID 2 to include new guidance on: commodity derivatives position limits and position reporting market data issues and market structure issues on multilateral trading systems, algorithmic trading and DEA, and access to CCPs and trading venues

ESMA publishes updated ancillary test opinion

ESMA has published and then updated its opinion on the ancillary test for commodity derivatives under MiFID 2. The update relates only to a typo in the original. The opinion sets out ESMA’s views on how to determine the market size figures to ensure the MiFID 2 Delegated Regulation can be properly applied.

ESMA issues transparency calculations for non – equity instruments in readiness for MiFID2

MiFID 2 / MiFIR introduces transparency requirements for equity and non-equity instruments  and allows competent authorities to waive the obligation for market operators and investment firms operating a trading venue, to make public their pre trade information. Under RTS 2, competent authorities are to publish information on the liquidity classification of the different asset classes. The […]