On December 11, 2015, the European Securities and Markets Authority (ESMA) submitted to the European Commission its final report (ESMA/2015/1858) on draft implementing technical standards (ITS) under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR). The Commission has three months in which to decide whether to endorse the draft ITS.
The eight draft ITS relate to 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.
- Format and timing of communications relating to the suspension and removal of financial instruments from trading on a regulated market (RM), a multilateral trading facility (MTF) or an organized trading facility (OTF).
- Standard forms, templates and procedures for the authorization of data reporting services providers.
- Position reporting.
- Format and timing of weekly position reports.
- Standard forms, templates and procedures for competent authorities to cooperate in supervisory activities, on-site verifications, and investigations and for the exchange of information.
- Standard forms, templates and procedures for the consultation of other competent authorities before granting an authorization.
- Procedures and forms for submitting information on sanctions and measures.
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.
