On 28 September 2015, ESMA published its final report and draft RTS on the admission of financial instruments to trading on regulated markets under MiFID II.
The final draft RTS covers the following issues:
- the characteristics of financial instruments for admission to trading on a regulated market, in particular the criteria regulated markets should follow to decide whether a transferable security is freely negotiable and capable of being traded fairly and in an orderly and efficient manner;
- arrangements to help regulated markets ensure that issuers comply with initial, on-going and ad-hoc disclosure obligations; and
- provisions that regulated markets must establish to facilitate access to information made public under EU law.
The Commission has three months to approve the RTS after which, if endorsed, the European Parliament and the Council will have a period to object. The regulation is intended to apply from 3 January 2015.
The full text of the draft RTS is available here:
https://www.esma.europa.eu/content/2015-ESMA-1464-Annex-I-draft-RTS-and-ITS-MiFID-II-and-MiFIR
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.