The European Commission has published a request to the European Securities and Markets Authority (ESMA) for technical advice on possible delegated acts and implementing acts concerning the Markets in Financial Instruments Directive (recast) (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).
The request for advice covers many issues including the exemption for persons providing an investment service in an incidental manner, definition of derivatives contracts, organisational requirements, product governance, conflicts of interest rules, conduct of business rules, inducements, information on costs and charges, best execution, client order handling rules, position management powers of ESMA, transparency and portfolio compression.
At the end of the request there is an indicative timetable which estimates that MiFID II and MiFIR will enter into force in June 2014. Six months after entry into force ESMA will provide its technical advice.
