The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) makes use of its product intervention powers under the European Markets in Financial Instruments Regulation (MiFIR): Under a general administrative act (Allgemeinverfügung) dated 30 September 2022 (link to English convenience translation), BaFin prohibited the marketing, distribution and sale of
On 1 September 2020 the European Services and Markets Authority (ESMA) published a call for evidence to gather insights and feedback from market participants relating to the practical implementation of MiFID II and MiFIR provisions for equity and non-equity instruments. ESMA seek responses on a dedicated template on or before 31 October 2020.
On 17 February 2020, the European Commission (Commission) launched its long-awaited public consultation on the review of MiFID II and MiFIR. The consultation paper is divided into two main sections: Section 1 covering general questions on the overall functioning of the MiFID II and MiFIR regulatory framework (Qs 1 – 6.1) and Section
On 4 February 2020, the European Securities and Markets Authority (ESMA) published its final report on product intervention requirements under MiFIR, following a formal request from the European Commission in May 2019 to provide technical advice on a number of technical issues stemming from MiFID II and MiFIR.
The key points of the
On 3 February 2020, the European Securities and Markets Authority (ESMA) published a consultation paper on the MiFIR pre-trade transparency regime for systematic internalisers (SI) in respect of non-equity instruments.
Article 18 of MiFIR sets out specific pre-trade transparency requirements for SIs relating to bonds, structured finance products, emission allowances and
On 6 December 2019, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As on data reporting under MiFIR.
The updated Q&As on data reporting insert a new question and answer (18), which provides clarification on the reporting of reference rates not included in regulatory technical standards 22 and 23
On 5 December 2019, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As on market structures and transparency under the MiFID II Directive and MiFIR.
The updated Q&As on market structures inserts a new question and answer into section 3 on Direct Electronic Access and algorithmic trading (Q&A 31),
On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on investor protection and intermediaries under MiFID II and MIFIR.
The updated Q&As insert new questions and answers into the section on information on costs and charges relating to ex-post information for the service of
On 9 October 2019, the European Securities and Markets Authority (ESMA) published its annual report on the application of waivers and deferrals under MIFIR.
Articles 4(4), 7(1), 9(2) and 11(1) of MIFIR mandates ESMA to monitor the application of pre-trade transparency waivers and deferred trade-publication. As part of this mandate, ESMA submits an annual report
On 3 October 2019, the European and Securities Markets Authority (ESMA) published an updated version of its Q&As on investor protection and intermediaries under MiFID II and MIFIR.
The updated Q&As modify the answer to question 8 on best execution concerning how the RTS 27 and RTS 28 reports should be made available to the