Davide Panadori’s Post

📌 ESMA Publication on MiFIR: Practical Guidelines and Clarifications ESMA released a statement on Wednesday, March 27, containing practical guidelines aimed at supporting the transition and consistent application of the revised Markets in Financial Instruments Regulation (MiFIR). 🔗 Link to the announcement: https://lnkd.in/daANTs88 #ESMA #MiFIR #FinancialMarkets #Regulation #EU

🔔 As I said in my previous post about #MiFIR and ESMA consultation, there was more to come - and here it is! On 23 May ESMA published its second package of draft Level 2 measures for #MiFIR, this time focusing on rules for #CTPs, and shedding some light on the assessment criteria for the #CTP selection procedure. A must-read for the prospective applicants, the package includes: ➡ Draft RTS on input and output of data of CTPs: the draft covers provisions applicable to the equity and bonds CTP, and addresses specifically: ◻ Quality of transmission protocols, including aspects relating to their performance, reliability, security and compatibility ◻ Quality and substance of data, including the MiFIR requirement of transmission of data “as close to real time as technically possible” ◻ Data quality measures and enforcement standards. ➡ Draft RTS on the revenue distribution scheme of CTPs: the draft sets out further details for the three criteria foreseen by #MiFIR for the participation in the revenue distribution scheme for equity #CTP, including the relevant weightings and methodology. ➡ Draft RTS on the synchronization of business clocks: ESMA sets out further specifications regarding the level of accuracy to which business clocks are to be synchronized, and considers the application of clock synchronization requirements to new entities subject to this requirement (SIs / DPEs / APAs). ➡ Draft RTS/ITS on the authorisation and requirements for DRSPs: ESMA proposes updates to Commission Delegated Regulation (EU) 2017/571 (RTS 13) and draft a new RTS on CTP authorisation, together with its related ITS. ➡ Criteria to assess CTP applicants: ESMA explains the selection procedure and sets out the relevant assessment criteria, grouped into five thematic categories, together with its expectations on each of them. 📅 Deadline to provide comments: 28 August 2024. https://lnkd.in/e_9tTutb

On July 16, 2024, the European Securities and Markets Authority (ESMA) released a consultation paper on draft technical standards for #MiFIDII. 🔍 Identified Issues: Lack of proper documentation and compliance in order execution policies. 📊 Consultation Focus #Policy Establishment: Clear criteria for financial instrument classification and venue selection. #Monitoring & Effectiveness: Regular assessment of execution arrangements. Own Account Dealing: Guidelines to avoid conflicts of interest. #Client Instructions: Ensuring alignment with firm policies. 🔗 For more details, read the full article linked below. https://lnkd.in/eaRXhXCd

https://lnkd.in/eXSvsWf7 | The European Securities and Markets Authority ("ESMA") published a report on the application of the Markets in Financial Instruments Directive II ("MiFID II") disclosure requirements to marketing communications by investment firms. This was based on a Common Supervisory Action ("CSA") and a mystery shopping exercise performed by the national competent authorities throughout 2023. #ESMA #MiDFIDII #CSA

ICYMI – MCR on S1, S2 and S3 GHGEs, aligning with AASB’s version of IFRS’ ISSB S1 and S2, building on TCFD, assured to AUASB to appease ASIC, due at EOFY, became law this week. Navigating the acronyms is half the journey, the other will be producing a Sustainability Report alongside your Financial Report. Great to see our Government ramping up the obligations for transparency which will ultimately lead to a reduced impact on our environment. Cost savings along the way too for the naysayers. Have a good weekend.

Big news on CRRIII regulation following the meeting yesterday!

#Trading | #ESMA clarifies the application of certain #MIFIR provisions, including volume cap. The statement covers guidance on equity transparency and non-equity transparency, the systematic internaliser regime, designated publishing entities, and reporting. In addition, DVC data will continue to be published (⏭️ early April) → https://lnkd.in/dEx_iGnY. 

For a full view of transitional provisions for applying the MiFID II/MiFIR review, take a look at the Public Statement ESMA published on 27 March 2024.   One takeaway from the ESMA statement is a recall that the MiFIR review specifies that OTC derivatives’ identifying reference data shall be based on: - a globally agreed identifier, and - any other identifying reference data The European Commission: - shall adopt within 3 months a delegated act to specify the identifying reference data for transparency, and - it may adopt delegated acts to specify the identifying reference data for transaction reporting. Finally, according to ESMA, any potential change in the identifying reference data would have a critical impact on IT systems.

With revised #MiFIR coming into effect today 28 March - ESMA clarifies application of certain MIFIR provisions, including volume cap European Securities and Markets Authority (ESMA) have published a statement, including practical guidance supporting the transition and the consistent application of the revised MiFIR. The statement covers guidance on equity transparency and non-equity transparency; the systematic internaliser (SIs) regime; designated publishing entities (DPEs); and reporting. View documents here https://lnkd.in/ehBfHx_Y #investments #MiFIDII #financialregulation

Important clarifications from European Securities and Markets Authority (ESMA) on the implementation of the new #MIFIR regulation is now into EU law. #financialmarkets #regulations