On 21 March 2024, the European Securities and Markets Authority (ESMA) issued a press release in light of the changes introduced by the MiFIR review, which enter into force on 28 March 2024.

ESMA has received numerous questions from stakeholders on the provisions applicable on the date of entry into force of the revised MiFIR. It acknowledges that guidance is particularly necessary on the application of Article 54(3) MiFIR which foresees the continued application of the delegated acts in place beyond 28 March 2024, until these delegated acts have been revised.

ESMA, in coordination with the European Commission, is performing an assessment of the provisions which may require further guidance. This is with particular reference to the impact on ESMA’s IT-systems and registers, and ESMA states that it expects more detailed guidance which goes beyond the topics covered in the initial communication is likely to be necessary.

ESMA will proceed with developing draft technical standards, as it aims to contribute to the alignment of the Commission delegated regulations with the revised MiFIR framework.