ESMA updates its MiFID II Q&As on transparency

MiFID Firms

Date: 20 November 2017

On 15 November 2017, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) regarding transparency and market structure issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).


The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provides responses to questions posed by the general public and market participants in relation to the practical application of transparency requirements. This update includes new answers regarding:


  • Pre- and post-trade transparency, and for equity and non-equity instruments;
  • Systematic Internalisiers;
  • Data reporting service providers; and
  • Third country issues.