EUROPEAN UNION: Early Legal Review of ESMA’s Draft Technical Standards

Tuesday May 19 2015

The European Securities and Markets Authority (ESMA) and the European Commission have agreed to conduct an early review of the draft technical standards in order to ensure the legality and legislative quality of relevant standards. This will facilitate the endorsement procedure of the draft technical standards after their formal submission by the ESA concerned.

The early legal review to the draft technical standers could delay the submission by ESMA of the draft technical standards under CSDR, UCITS V Directive, Transparency Directive, MAR and MiFID/MiFIR from July to the end of September 2015. An extension of the deadlines has therefore been agreed upon.

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