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MiFID II as published in the Official Journal on 12 June 2014
MiFIR
The European Commission has published legislative proposals to amend MiFID II and MiFIR. Read our briefing note for a summary of the key points.
Consultation and drafts | Report |
European Commission consultation on the review of the MiFID II/MiFIR regulatory framework (February 2020) |
The Commission published its proposals on 25 November 2021: |
Economic and Monetary Affairs Committee (ECON) draft report with suggested amendments to Commission’s consultation Read our briefing note for more. |
Consultation | Report |
ESMA call for evidence on the inducements and costs and charges disclosure requirements (July 2019) | ESMA final report on inducements and costs & charges (31 March 2020) |
Equity and non-equity transparency, cost of market data and trading obligations
Consultation | Report |
ESMA consultation paper on the development in prices for pre- and post- trade data and on the consolidated tape for equity instruments (July 2019) |
ESMA review report No. 1 on cost of market data and consolidated tape (December 2019) Further ESMA publication on costs of market data expected (possibly in the form of guidance) |
ESMA consultation paper on equity transparency regime, the double volume cap and the share trading obligation (February 2020) | ESMA review report on equity transparency regime, the double volume cap and the share trading obligation (July 2020) |
ESMA consultation paper on systematic internalisers’ non-equity transparency regime (February 2020) | ESMA review report on systematic internalisers’ non-equity transparency regime (July 2020) |
ESMA consultation paper on non-equity transparency and the derivatives trading obligation (March 2020) | ESMA review report on non-equity transparency and the derivatives trading obligation (September 2020) |
ESMA consultation paper on guidelines on obligations of market data (November 2020) | Final report and Guidelines on market data obligations (June 2021) – see our briefing note for more detail |
N/A | ESMA Annual Review Report under RTS 2 (July 2020) |
ESMA consultation paper on the review of RTS 1 (equity transparency) and RTS 2 (non-equity transparency) (July 2021) - see our briefing note for more detail |
ESMA review report on RTS 1 - equity transparency (28 March 2022) - see our briefing note for more. ESMA review report on RTS 2 - non-equity transparency (28 March 2022) - see our briefing note for more. |
N/A | ESMA statement on Brexit share trading obligation (October 2020) |
Transaction reporting
Consultation | Report |
ESMA consultation paper on transaction reporting and reference data (September 2020) | ESMA review report (March 2021) - see our briefing note for more detail. |
OTF regime and multilateral trading
Consultation | Report |
ESMA consultation paper on the OTF regime and multilateral trading (September 2020) | ESMA review report (March 2021) |
Position limits and position management
Consultation | Report |
ESMA consultation paper on position limits and position management (November 2019) | ESMA review report on position limits and position management (April 2020) |
Algorithmic trading
Consultation | Report |
ESMA consultation paper on algorithmic trading Review Report (18 December 2020 – postponed from July 2020) | ESMA review report (September 2021) – See our briefing note for more detail. |
SME Growth Markets
Consultation | Report |
ESMA consultation paper on SME Growth Markets (May 2020) | ESMA review report (March 2021) |
Consultation | Report |
ESMA call for evidence on effects of product intervention measures regarding CFDs and binary options on market participants and clients (September 2019) ESMA statement confirms they will not renew certain product intervention measures as most Member States have their own (July 2019) |
ESMA statement confirms they will not renew certain product intervention measures as most Member States have their own (July 2019)
ESMA report on product intervention requirements under MiFIR (February 2020) |
Investor protection topics
Consultation | Report |
ESMA call for evidence on a number of retail investor protection topics (October 2021) - Closed 2 January 2022. | ESMA points out that due to the tight deadline set by the Commission (April 2022) no further consultation will be possible. |
DLT Pilot
Consultation | Report |
ESMA call for evidence on DLT Pilot Regime and review of MiFIR RTS on transparency and reporting (4 January 2022) | Closes 4 March 2022. |
Trading Venue
Consultation | Report |
ESMA consultation paper on opinion on the trading venue perimeter. | Closes on 29 April 2022 – See our briefing note for more detail. |
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