ESMA Guidelines and Recommendations

ESMA issues standards on reporting, cooperation & suspensions under MiFID II

ESMA Guidelines and Recommendations

Date: 23 February 2016

On 11 December 2015, the European Securities and Markets Authority (ESMA) published Implementing Technical Standards (ITS) regarding the implementation of the Market in Financial Instruments Directive (MiFID II). ESMA’s ITS translate how the legislation will apply in practice to market participants, market infrastructures and national supervisors.

The rules ESMA is delivering today on MiFID II specify standard forms, templates and procedures which are to be used in the future in the following areas:

  • cooperation arrangements for trading venue of substantial importance in a host Member State;
  • suspension and removal of financial instruments from trading on a Regulated Market (RM), a Multilateral Trading Facility (MTF) or an Organised Trading Facility (OTF);
  • authorisation of data reporting services providers;
  • position reporting and weekly position reports;
  • cooperation between competent authorities in supervisory activities, on-site verifications, and investigations and for the exchange of information;
  • consultation of other competent authorities prior to granting an authorisation; and
  • submission of information on sanctions and measures.

The publication of today’s ITS follows two other sets of Technical Standards on the implementation of MiFID II published in June and September. ESMA’s different sets of Technical Standards have been sent for endorsement to the European Commission. For further information please see here.