The European Securities and Markets Authority (ESMA) has published final guidelines on trading halts under MiFID II. The guidelines clarify the provisions of Article 48(5) of MiFID II. They are not restricted to a specific type of circuit breaker and apply indistinctly to all mechanisms that trading venues could potentially set in place in accordance with Article 48(5) of MiFID II.

The guidelines are published in all official EU languages. Member State competent authorities must notify ESMA whether they comply or intend to comply with them, within two months of the date of publication.

The guidelines apply from 3 January 2018.

View MiFID II: ESMA issues final guidelines on trading halts, 27 June 2017