The European Securities and Markets Authority (ESMA) has published a public statement announcing that together with national competent authorities (NCAs), it has finalised an updated work plan for the opinions on pre-trade transparency waivers and position limits that the European Supervisory Authority is required to issue under MiFID II and MiFIR.

Key messages in the public statement include:

  • ESMA has decided to prioritise the work on equity waivers and intends to finalise the opinions on those waivers by the end of 2017;
  • ESMA intends to finalise as many opinions on non-equity instrument waivers as soon as possible before 3 January 2018. However, it is unlikely to be in a position to issue opinions on a majority of waiver notifications. All NCAs have committed that pending an ESMA opinion they will grant the requested waivers based on their own compliance assessment and subject to one of the following conditions: (i) the waiver is granted on a temporary basis; (ii) the waiver is granted on a provisional basis; (iii) the waiver is granted via other administrative arrangements ensuring that it could be reconsidered following the ESMA opinion and that the trading venue requesting the waivers is duly informed. ESMA intends to publish Q&As addressing the key issues identified in the non-equity waiver notifications received; and
  • ESMA and NCAs have agreed that it will not be possible to finalise and publish all the position limit opinions for liquid commodity derivative contracts by the end of the year. However, ESMA and the NCAs have agreed that limits will be published ahead of its opinions. Such limits will enter into force, and be monitored by NCAs, on 3 January 2018. Following the issuance of the opinions, all NCAs have agreed to modify the position limits in accordance with the opinion, or provide ESMA with a justification for why the change is not necessary.

View ESMA and national competent authorities agree updated work plan on MiFID II pre-trade transparency waivers and position limits, 28 September 2017