On 18 November 2016, the European Securities and Markets Authority (ESMA) published two Questions and Answers (Q&A) documents regarding implementation issues relating to market structures and transparency topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).

ESMA has published a new Q&A document on market structures which provides clarifications on the two following topics:

• data disaggregation; and,
• the mandatory tick size regime.

ESMA has also updated its Q&A  on transparency with two new questions which provide details regarding:

article 4(7) of MiFIR, review of waivers granted in accordance with MiFID I; and,

the procedure for granting a waiver from pre-trade transparency obligations for illiquid non-equity financial instruments.

The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MiFID II/MiFIR and its implementing measures.

Read more about MiFID here.