Thursday December 17 2015

News Source: Global Exchanges

Focus: Other

Type: General




The European Securities and Markets Authority (ESMA) has 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.

Directive 2014/65/EU and Regulation (EU) No 600/2014 (MiFID II and MiFIR) require ESMA to develop a multitude of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS). With this report ESMA publishes its final proposals for a total of 8 draft technical standards.

This final report deals with technical standards from the following areas:

  • standard forms, templates and procedures for cooperation arrangements in respect of a trading venue whose operations are of substantial importance in a host Member State [ITS 1]
  • format and timing of the communications and the publication regarding the suspension and removal of financial instruments from trading on a Regulated Market (RM), a Multilateral Trading Facility (MTF) or an Organised Trading Facility (OTF) [ITS 2]
  • standard forms, templates and procedures for the authorisation of data reporting services providers [ITS 3]
  • position reporting (Article 58(5)) [ITS 4]
  • format and timing of weekly position reports (Article 58(7)) [ITS 5]
  • standard forms, templates and procedures for competent authorities to cooperate in supervisory activities, on-site verifications, and investigations and for the exchange of information [ITS 6]
  • standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation [ITS 7 IPISC]
  • procedures and forms for submitting information on sanctions and measures [ITS 8]

Furthermore, the final report describes the feedback received in the public consultations and the rationale behind ESMA’s final proposals.

Annexed to the final report are the draft technical standards themselves.

The final report was submitted to the European Commission on 11th December 2015. The Commission has three months (this period can be extended by one additional month) to decide whether to endorse the technical standards.

Click on the link above for further details.