MiFID II and MiFIR status - Level 2

This page sets out the delegated acts and technical standards issued under MiFID II and MiFIR. Please note that some of these are (or will be) subject to change pursuant to the MiFID II “quick fix”, the wider MiFID II Review and/or under the ESG/Sustainable Finance reforms. We have reflected these upcoming changes in the sections entitled “MiFID II Review”, “MiFID II “quick fix”” and “Sustainability” below.

Delegated Acts

Delegated Acts	Official Journal version (published 31 March 2017)	Commission adopted version	Timing of decisions
MiFID II Delegated Directive covering client assets, product governance and inducements	Commission Delegated Directive (EU) 2017/593	Commission Delegated Directive C(2016) 2031 final adopted by Commission on 7 April 2016	On 17 June 2016, Council decided at ECOFIN meeting not to object On 15 July 2016, Parliament updated its file to note non-objection
MiFID II Delegated Regulation covering organisational requirements and operating conditions for investment firms	Commission Delegated Regulation (EU) 2017/565	Commission Delegated Regulation C(2016) 2398 final and Annexes adopted by Commission on 25 April 2016 AMENDING MEASURE: Commission Delegated Regulation C(2017) 5812 final adopted by Commission on 28 August 2017 to amend definition of systematic internalisers. Published in the Official Journal on 13 December 2017 (EU) 2017/2294.	On 17 June 2016, Council decided at ECOFIN meeting not to object On 2 August 2016, Parliament updated its file to note non-objection
MiFIR Delegated Regulation with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions	Commission Delegated Regulation (EU) 2017/567	Commission Delegated Regulation C(2016) 2860 final and Annex of adopted by Commission on 18 May 2016	On 12 July 2016, Council gave its non-objection On 25 August 2016, Parliament updated its file to note non-objection
MiFIR Delegated Act supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council as regards the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements	Commission Delegated Regulation (EU) 2017/1799	Commission Delegated Regulation COM(2017) 298 final and Annex adopted by the Commission on June 2017	EC report (and Annex) to the Council dated 12 June 2017

Delegated Acts	MiFID II Delegated Directive covering client assets, product governance and inducements
Official Journal version (published 31 March 2017)	Commission Delegated Directive (EU) 2017/593
Commission adopted version	Commission Delegated Directive C(2016) 2031 final adopted by Commission on 7 April 2016
Timing of decisions	On 17 June 2016, Council decided at ECOFIN meeting not to object On 15 July 2016, Parliament updated its file to note non-objection

Technical standards

ESMA Final Report and Annex I of 28 September 2015 (ESMA/2015/1464)

RTS/ITS	Official Journal version (published 31 March 2017 unless otherwise stated)	Commission adopted version	Timing of decisions
RTS 1: transparency requirements in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments	Commission Delegated Regulation (EU) 2017/587 AMENDING MEASURE: Commission Delegated Regulation (EU) 2019/442 published on 20 March 2019	Commission adopted Delegated Regulation (C(2016) 4390 final) and Annex of 14 July 2016 ESMA final report on amendments to RTS 1 (26 March 2018) AMENDING MEASURE: Commission communication on proposed amendments August 2018)	On 11 October 2016, Council provided its non-objection On 21 October 2016, Parliament updated its file to note non-objection AMENDING MEASURE: On 1 November 2017 ESMA published consultation paper to amend RTS 1 and in March 2018 published a final report
RTS 2: transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives (There is no automaticity. A new RTS will be required every year to implement the proposed phase-in, as set out in Article 17(1-9)).	Commission Delegated Regulation (EU) 2017/583	Commission adopted Delegated Regulation (C(2016) 4301 final) and Annex of 14 July 2016	Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 2 ESMA opinion and annex of 2 May 2016 with proposed amendments to RTS 2 On 11 October 2016, Council provided its non-objection On 21 October 2016, Parliament updated its file to note non-objection
RTS 3: volume cap mechanism and the provision of information for the purposes of transparency and other calculations	Commission Delegated Regulation (EU) 2017/577	Commission adopted Delegated Regulation (C(2016) 2711 final) and Annex of 13 June 2016	On 11 October 2016, Council provided its non-objection On 20 September 2016, Parliament updated its file to note non-objection
RTS 4: criteria for determining whether derivatives should be subject to the trading obligation	Commission Delegated Regulation (EU) 2016/2020 (published in the Official Journal on 19 November 2016)	Commission adopted Delegated Regulation (C(2016) 2710 final) of 26 May 2016	On 20 June 2016, Council provided its non-objection On 5 September 2016, Parliament updated its file to note non-objection
RTS 5: direct, substantial and foreseeable effect of derivative contracts within the EU and the prevention of the evasion of rules and obligations	Commission Delegated Regulation (EU) 2017/579	Commission adopted Delegated Regulation (C(2016) 3544 final) of 13 June 2016	On 12 July 2016, Council provided its non-objection On 20 September 2016, Parliament updated its file to note non-objection
RTS 6: organisational requirements of investment firms engaged in algorithmic trading, providing direct electronic access and acting as general clearing members	Commission Delegated Regulation (EU) 2017/589	Commission adopted Delegated Regulation (C(2016) 4478 final) and Annex of 19 July 2016	On 11 October 2016, Council provided its non-objection On 30 November 2016, Parliament updated its file to note non-objection
RTS 7: organisational requirements of regulated markets, MTF and OTFs enabling or allowing algorithmic trading through their systems	Commission Delegated Regulation (EU) 2017/584	Commission adopted Delegated Regulation (C(2016) 4387 final) of 14 July 2016	On 11 October 2016, Council provided its non-objection On 21 October 2016, Parliament updated its file to note non-objection
RTS 8: specifying the requirements on market making agreements and schemes	Commission Delegated Regulation (EU) 2017/578	Commission adopted Delegated Regulation (C(2016) 3523 final) of 13 June 2016	On 12 July 2016, Council provided its non-objection On 20 September 2016, Parliament updated its file to note non-objection
RTS 9: ratio of unexecuted orders to transactions	Commission Delegated Regulation (EU) 2017/566	Commission adopted Delegated Regulation (C(2016) 2775 final) and Annex of 18 May 2016	On 17 June 2016, Council provided its non-objection On 25 August 2016, Parliament updated its file to note non-objection
RTS 10: requirements to ensure fair and non-discriminatory co-location services and fee structures	Commission Delegated Regulation (EU) 2017/573	Commission adopted Delegated Regulation (C(2016) 3266 final) of 6 June 2016	On 27 June 2016, Council provided its non-objection On 13 September 2016, Parliament updated its file to note non-objection
RTS 11: tick size regime for shares, depositary receipts and exchange traded funds	Commission Delegated Regulation (EU) 2017/588 AMENDING MEASURE: Commission Delegated Regulation (EU) 2019/443 published on 20 March 2019	Commission adopted Delegated Regulation (C(2016) 4389 final) and Annex of 14 July 2016	On 11 October 2016, Council provided its non-objection On 21 October 2016, Parliament updated its file to note non-objection
RTS 12: determination of a material market in terms of liquidity relating to trading halt notifications	Commission Delegated Regulation (EU) 2017/570	Commission adopted Delegated Regulation (C(2016) 3020 final) of 26 May 2016	On 20 June 2016, Council provided its non-objection On 5 September 2016, Parliament updated its file to note non-objection
RTS 13: authorization, organisational requirements and the publication of transactions for data reporting services providers	Commission Delegated Regulation (EU) 2017/571 AMENDING MEASURE: (EU) 2018/63 published in the Official Journal on 17 January 2018	Commission adopted Delegated Regulation (C(2016) 3201 final) of 2 June 2016 AMENDING MEASURE: (C(2017) 6337 final) of 26 September 2017 amending Delegated Regulation (EU) 2017/571, specifying the scope of the consolidated tape for non-equity financial instruments.	On 27 June 2016, Council provided its non-objection On 9 September 2016, Parliament updated its file to note non-objection
RTS 14: specification of the offering of pre-and post-trade data and the level of disaggregation of data	Commission adopted Delegated Regulation (C(2016) 3206 final) of 2 June 2016	Commission adopted Delegated Regulation (C(2016) 3206 final) of 2 June 2016	On 27 June 2016, Council provided its non-objection On 9 September 2016, Parliament updated its file to note non-objection On 26 September 2017, the Commission published amended Delegated Regulation
RTS 15: clearing access in respect of trading venues and central counterparties	Commission Delegated Regulation (EU) 2017/581	Commission adopted Delegated Regulation (C(2016) 3807 final) and Annex of 24 June 2016	On 18 July 2016, Council provided its non-objection On 1 October 2016, Parliament updated its file to note non-objection
RTS 16: access in respect of benchmarks	Commission Delegated Regulation (EU) 2017/2021 (published in the Official Journal on 19 November 2016)	Commission adopted Delegated Regulation (C(2016) 3203 final) of 2 June 2016	On 27 June 2017, Council provided its non-objection On 9 September 2016, Parliament updated its file to note non-objection
RTS 17: admission of financial instruments to trading on regulated markets	Commission Delegated Regulation (EU) 2017/568	Commission adopted Delegated Regulation (C(2016) 3017 final) of 24 May 2016	On 20 June 2016, Council provided its non-objection On 31 August 2016, Parliament updated its file to note non-objection
RTS 18: suspension and removal of financial instruments from trading	Commission Delegated Regulation (EU) 2017/569	Commission adopted Delegated Regulation (C(2016) 3014 final) of 24 May 2016	On 20 June 2016, Council provided its non-objection On 31 August 2016, Parliament updated its file to note non-objection
ITS 19: description of the functioning of MTFs and OTFs	Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 was published in the Official Journal on 26 May 2016	-	-
RTS 20: criteria for establishing when an activity is to be considered to be ancillary to the main business	Commission Delegated Regulation (EU) 2017/592 Please note that, as part of changes pursuant to the MiFID II “quick fix”, RTS 20 is being amended. Please refer to the MiFID II “quick fix” section below for more detail.	Commission adopted Delegated Regulation (C(2016) 7643 final) of 1 December 2016	Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 20 ESMA opinion and annex of 30 May 2016 with proposed amendments to RTS 20 On 9 March 2017, Parliament provided its non-objection
RTS 21: methodology for the calculation and the application of position limits for commodity derivatives traded on trading venues and economically equivalent OTC contracts	Commission Delegated Regulation (EU) 2017/591 Please note that, as part of changes pursuant to the MiFID II “quick fix”, ESMA proposes to replace RTS 21 with a new RTS 21a. Please refer to the MiFID II “quick fix” section below for more detail.	Commission adopted Delegated Regulation (C(2016) 4362 final) of 1 December 2016	Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 21 ESMA opinion and annex of 2 May 2016 with proposed amendments to RTS 21 On 9 March 2017, Parliament provided its non-objection
RTS 22: reporting obligations under Article 26 of MiFIR	Commission Delegated Regulation (EU) 2017/590	Commission adopted Delegated Regulation (C(2016) 4733 final) and Annex of 28 July 2016 (Blackline Delegated Regulation and Annex against ESMA's September 2015 version)	On 11 October 2016, Council provided its non-objection On 30 November 2016, Parliament updated its file to note non-objection
RTS 23: data standards and formats for financial instrument reference data	Commission Delegated Regulation (EU) 2017/585	Commission adopted Delegated Regulation (C(2016) 4405 final) and Annex of 14 July 2016	On 11 October 2016, Council provided its non-objection On 21 October 2016, Parliament updated its file to note non-objection
RTS 24: maintenance of relevant data relating to orders in financial instruments	Commission Delegated Regulation (EU) 2017/580	Commission adopted Delegated Regulation (C(2016) 3821 final) and Annex of 24 June 2016	On 18 July 2016, Council provided its non-objection On 1 October 2016, Parliament updated its file to note non-objection
RTS 25: clock synchronization	Commission Delegated Regulation (EU) 2017/574	Commission adopted Delegated Regulation (C(2016) 3316 final) and Annex of 7 June 2016	On 12 July 2016, Council provided its non-objection On 14 September 2016, Parliament updated its file to note non-objection
RTS 26: obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing (STP)	Commission Delegated Regulation (EU) 2017/582	Commission adopted Delegated Regulation (C(2016) 3944 final) of 29 June 2016	On 18 July 2016, the Council approves extension of objection period On 20 September 2016, Council provided its non-objection On 7 October 2016, Parliament updated its file to note non-objection
RTS 27: data to be published by execution venues on the quality of execution of transactions	Commission Delegated Regulation (EU) 2017/575	Commission adopted Delegated Regulation (C(2016) 3333 final) and Annex of 8 June 2016	On 12 July 2016, Council provided its non-objection On 15 September 2016, Parliament updated its file to note non-objection
RTS 28: annual publication by investment firms of information on the identity of execution venues and on the quality of execution	Commission Delegated Regulation (EU) 2017/576	Commission adopted Delegated Regulation (C(2016) 3337 final) and Annex of 8 June 2016	On 12 July 2016, Council provided its non-objection On 19 July 2016, Parliament updated its file to note non-objection

ESMA Final Report of 29 June 2015 – Draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities (ESMA/2015/1006)

RTS/ITS	Official Journal version	Commission adopted version	Timing of decisions
RTS 1: information and requirements for the authorisation of investment firms	(EU) 2017/1943 published in the Official Journal on 26 October 2017.	Commission adopted Delegated Regulation (C(2016) 4417 final) of 14 July 2016	On 11 October 2016, the Council chose not to object On 21 October 2016 Parliament provided its non-objection
ITS 2: notifications by and to applicant and authorised investment firms	(EU) 2017/1945 Published in the Official Journal on 26 October 2017.	Adopted by the Commission on 19 June 2017.	-
RTS 3: specifying information to be notified by investment firms, market operators and credit institutions	(EU) 2017 / 2018 published in the Official Journal on 17 June 2017.	Commission adopted Delegated Regulation (C(2016) 3917 final) of 29 June 2016	On 18 July 2016, Council approves extension of objection period On 20 September 2016, the Council chose not to object On 6 October 2016, the Parliament provided its non-objection
ITS 4: standard forms, templates and procedures for the transmission of information	(EU) 2017/2382 published in the Official Journal on 20 December 2017. Corrigenda published on 7 February 2018 Please note that, as part of changes pursuant to the MiFID II “quick fix”, ITS 4 is being amended to remove references to securitised derivatives. Please refer to the MiFID II “quick fix” section below for more detail.	Adopted by the Commission on 14 December 2017.	-
RTS 5: information for registration of third country firms and the format of information to be provided to the clients	Commission Delegated Regulation (EU) 2016/2022 published in the Official Journal on 19 November 2016 and entered into force on 9 December 2016.	Commission adopted Delegated Regulation (C(2016) 4407 final) of 14 July 2016	On 11 October 2016, the Council chose not to object On 21 October 2016 Parliament updated its file to note non-objection.
RTS 6: exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations	(EU) 2017/586 published in the Official Journal on 31 March 2017	Commission adopted Delegated Regulation (C(2016) 4415 final) of 14 July 2016	On 11 October 2016, the Council chose not to object On 21 October 2016 Parliament updated its file to note non-objection

ESMA Final Report of 11 December 2015 – Draft ITS under MiFID II (ESMA/2015/1858)

ITS	Status
ITS 1: standard forms, template and procedures for cooperation arrangements	Status: Published in the Official Journal on 13 June 2017
ITS 2: format and timing of the communications and the publication on the suspension and removal of financial instruments from trading on a Regulated Market, an MFT or an OTF	Status: Published in the Official Journal on 16 June 2017
ITS 3: standard forms, templates and procedures for the authorisation of data reporting services providers	Status: Published in the Official Journal on 23 June 2017
ITS 4: position reporting	On 9 February 2017, ESMA published a revised ITS 4 (a number of technical amendments were identified in the course of the practical implementation of the regime which ESMA deemed necessary for the correct functioning of the position reporting of commodity derivatives. Those changes are highlighted in the revised version of the ITS.) Status: Published in the Official Journal on 21 June 2017
ITS 5: format and timing of weekly position reports	Status: Published in the Official Journal on 7 June 2017
ITS 6: standard forms, templates and procedures for competent authorities to cooperate in supervisory activities, on-site verifications, and investigations and for the exchange of information	Status: Published in the Official Journal on 10 June 2017
ITS 7: standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation	Status: Published in the Official Journal on 10 June 2017
ITS 8: procedures and forms for submitting information on sanctions and measures	Status: Published in the Official Journal on 23 June 2017

ESMA Final Report of 17 December 2013 - Draft technical standards under Article 10a(8) of MiFID I on the assessment of acquisitions and increases in qualifying holdings in investment firms (ESMA/2013/1940)

ITS/RTS

Status

Mandates under Article 10a(8) MiFID and Article 12(8) MiFID II
- RTS on information to be included by proposed acquirers in the notification
of a proposed acquisition of a qualifying holding in an investment firm

(EU) 2017/1946

Published in the Official Journal on 26 October 2017 and will enter into force on 15 November 2017

Mandates under Article 10a(8) MiFID and Article 12(9) MiFID II - ITS on

standard forms, templates and procedures for the consultation
process during the notification of a proposed acquisition of a qualifying
holding in an investment firm

(EU) 2017/1944
Published in the Official Journal on 26 October 2017 and will enter into force on 15 November 2017

Other technical standards	Official Journal version	Commission adopted version	Status
ESMA Final Report of 26 May 2016 – Draft RTS on indirect clearing arrangements under EMIR and MiFIR (ESMA/2016/725)	(EU) 2017/2154 Published in the Official Journal on 21 November 2017	Commission Delegated Regulation of 22 September 2017 for RTS relating to indirect clearing of exchange traded derivatives (ETDs) under MiFIR (C(2017) 6268 final). Commission Delegated Regulation of 22 September 2017 for RTS relating to indirect clearing of OTC derivatives under EMIR (C(2017) 6270 final).	The RTS will apply from 3 January 2018
ESMA Final Report of 28 February 2017 – Draft RTS on package orders for which there is a liquid market (ESMA70- 872942901-21) Commission draft Delegated Regulation of 14 August 2017	(EU) 2017/2194 Published in the Official Journal on 28 November 2017	Commission draft Delegated Regulation of 14 August 2017	The RTS will apply from 3 January 2018
ESMA Final Report of 31 March 2017 – Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments (ESMA/2017/70- 8792942901-40)	-		Awaiting endorsement by Commission
ESMA Final Report of 28 September 2017 - Draft RTS on the mandatory derivative trading obligation	(EU) 2017/2417 Published in the Official Journal on 22 December 2017	Commission Delegated Regulation of 17 November 2017 for RTS on the trading obligation for certain derivatives (C(2017) 7684 final) and Annex

MiFID II Review

The European Commission is in the process of reviewing the effectiveness of a wide range of MiFID II/MiFIR requirements, with a view to proposing legislative changes (likely to both Level 1 and 2 texts). ESMA has been mandated to produce numerous review reports which feed into the European Commission’s review process.

Please refer to the “Level 1” section of this page for links to ESMA and Commission publications in relation to the MiFID II Review at this stage. We will reflect any legislative proposals to amend Level 2 texts in this “Level 2” section once these have been published.

MiFID II "quick fix"

Directive 2021/338 was published in the Official Journal on 26 February 2021 and entered into force on 27 February 2021. The Directive makes certain “quick fix” amendments to MiFID II Level 1 on information requirements, product governance and position limits to assist with market recovery following the Covid 19 pandemic. The changes need to be implemented in Member States and will apply from 28 February 2022. The Directive requires changes to certain Level 2 measures which supplement the changes to the commodities derivatives regimes, as follows:

Level 2 measure	Official Journal version	Commission adopted version	Draft Level 2 measure
(Draft) RTS 20 on the ancillary activities test (which will replace Commission Delegated Regulation 2017/592, RTS 20)	Delegated Regulation (EU) 2021/1833, published 20 October 2021		Draft Delegated Regulation
(Draft) RTS 21a on the application of commodities position limits and application for exemptions (which will replace RTS 21)			See ESMA consultation paper (26 May 2021) ESMA final report (22 November 2021) The revised MiFID II regime for commodity derivatives will apply at the end of February 2022
(Revised) ITS 4 the format of position management controls			See ESMA consultation paper (26 May 2021)
(Draft) RTS on the content of position management controls by trading venues			See ESMA consultation paper (26 May 2021)

Read our briefing note for more.

Sustainability

The European Commission published Delegated Regulations amending MiFID II to incorporate sustainability issues on 2 August 2021. The Delegated Regulations will apply from 22 November 2022.

Commission Delegated Directive (EU) 2021/1269 amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors into the product governance obligations

Commission Delegated Regulation (EU) 2021/1253 amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms

The Commission adopted the draft delegated acts on 21 April 2021:

Commission Delegated Regulation amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors and preferences into the product governance obligations (C(2021) 2612 final).

Commission Delegated Regulation amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms (C (2021) 2616 final).Sustainability
The European Commission published Delegated Regulations amending MiFID II to incorporate sustainability issues on 2 August 2021. The Delegated Regulations will apply from 22 November 2022.

EU Retail Investments

The European Commission published Delegated Regulations amending MiFID II to incorporate sustainability issues on 2 August 2021. The Delegated Regulations will apply from 22 November 2022.

European Commission targeted consultation on how to increase retail investors’ suitability and appropriateness assessments (21 February 2022). Consultation closes on 21 March 2022.

Read our briefing note for more.