The European Commission has adopted its latest Delegated Regulations supplementing MiFID II.
The Delegated Regulations are:
- Commission Delegated Regulation of 8 June 2016 supplementing MiFID II with regard to regulatory technical standards (RTS) for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution together with an annex. MiFID II requires investment firms who execute client orders to summarise and make public on an annual basis, for each class of financial instruments the top five execution venues in terms of trading volumes where they executed client orders in the preceding year and information on the quality of execution obtained. The Delegated Regulation specifies the content and the format of information on the top five execution venues in terms of trading volumes where they executed client orders in the preceding year and on the quality of execution to be published by investment firms; and
- Commission Delegated Regulation of 8 June 2016 supplementing MiFID II with regard to RTS concerning the data to be published by execution venues on the quality of execution of transactions together with an annex. MiFID II requires that for financial instruments subject to the trading obligation each trading venue and systematic internaliser and for other financial instruments each execution venue makes available to the public, without any charge, data relating to the quality of execution of transactions on that venue on at least an annual basis. Periodic reports shall include detailed about price, costs, speed and likelihood of execution for individual financial instruments. The Delegated Regulation further specifies the content, the format and the periodicity of data relating to the quality of execution, taking into account the type of execution venue and the type of financial instrument concerned.
The Delegated Regulations are subject to scrutiny by the Council of the EU and the European Parliament.
