The European Commission (the Commission) has published a letter it has received from the Article 29 Working Party (the Working Party) on the possible delegated acts under the recast Markets in Financial Instruments Directive (MIFID II) and the Market Abuse Regulation (MAR).

The letter concerns the European Securities and Markets Authority’s (ESMA) final technical advice on MiFID II and MAR and directs the Commission’s attention towards what the Working Party has identified as its main concerns regarding the implementation measures proposed by ESMA: data protection and privacy issues.

Such concerns are related to the data protection rules and principles guaranteed by the Data Protective Directive and their possible insufficient implementation in the context of MiFID II and MAR. In particular, the Working Party states that it is crucial to examine how principles such as proportionality and necessity, data retention limitation and transparency are taken into account.

View Article 29 Working Party letter to European Commission, 13 July 2015