Knowledge

Welcome to the Knowledge Portal. You can browse, search or filter our publications, seminars and webinars, multimedia and collections of curated content from across our global network. Create an account and set your email alert preferences to receive the content relevant to you and your business, at your chosen frequency.

MiFID II and MiFIR status - Level 3

ESMA Guidelines

Guidelines on complex debt instruments and structured deposits

Final Report published 26 November 2015 (ESMA/2015/1783)
Guidelines published 4 February 2016 (ESMA/2015/1787)
Status: Guidelines apply from 3 January 2018

Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation

Consultation Paper published 23 December 2015 (ESMA/2015/1909)
Guidelines published 10 October 2016 (ESMA/2016/1452)
Status: Guidelines apply from 3 January 2018

Guidelines on cross-selling practices

Final Report published 22 December 2015 (ESMA/2015/1861)
Guidelines published 11 July 2016 (ESMA/2016/574)
Status: Guidelines will be translated into the official languages of the European Union and will apply from 3 January 2018

Guidelines for the assessment of knowledge and competence

Final Report published 17 December 2015 (ESMA/2015/1886)
Status: Guidelines apply from 3 January 2018

Draft guidelines on product governance requirements

Guidelines published 5 February 2018 (ESMA35-43-620)
Final Report published on 2 June 2017 (ESMA35-43-620)
Consultation paper published 5 October 2016 (ESMA/2016/1436)
Status: Guidelines apply from 3 January 2018

Guidelines related to the management body of market operators and data reporting services providers

Guidelines published 28 September 2017 (ESMA70-154-271)
Final report published 28 September 2017 (ESMA70-154-266)
Consultation paper published 5 October 2016 (ESMA/2016/1437)
Status: Consultation closed 5 January 2017

Guidelines on the calibration, publication and reporting of trading halts

Final report published 6 April 2017 (ESMA70-872942901-17)
Consultation paper published 6 October 2016 (ESMA/2016/1440)
Status: Guidelines apply from 3 January 2018

Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU

Guidelines published 21 March 2018 (EBA/GL/2017/12)
Final Report published 26 September 2017 (EBA/GL/2017/12/ESMA71-99-598)
Consultation Paper (joint EBA/ESMA) published 28 October 2016 (EBA/CP/2016/17)
Status: Guidelines apply 30 June 2018

Guidelines on certain aspects of the MiFID II suitability requirements

Final Report published 28 May 2018 (ESMA35-43-869)
Consultation Paper published 13 July 2017 (ESMA35-43-748)
Status: Consultation closed on 13 October 2017

Guidelines on certain aspects of the MiFID compliance function requirements

Guidelines updated 5 June 2020 (ESMA35-36-1946) (Read our briefing note for further details.)
Guidelines published 28 September 2012 (ESMA/2012/388)

Consultation Paper published 15 July 2019 (ESMA35-43-2019)

Status: Consultation closed 15 October 2019

Guidelines on MiFID II/MiFIR obligations on market data

Guidelines published 1 June (ESMA70/156/4305)
Read our briefing note for more

Guidelines on appropriateness and execution-only requirements

Guidelines published on 12 April 2022 (ESMA35-36-2537)
Status: The guidelines will begin to apply on 11 October 2022.

Guidelines on certain MiFID II remuneration requirements

Guidelines published on 31 March 2022 (ESMA35-36-2537)
Consultation paper published on 19 July 2021
Status: The guidelines will apply six months following publication in all EU languages.

ESMA Questions and Answers

ESMA Q&A on Market Structures (April 2021) *UPDATED*
ESMA Q&A on Investor Protection (November 2021) *UPDATED*
ESMA Q&A on Transparency (January 2022) *UPDATED*
ESMA Q&A on Commodities (March 2019) *UPDATED*
ESMA Q&A on the Share Trading Obligation (November 2017)
ESMA Q&A on temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients (November 2018) *UPDATED*

ESMA Opinions & Supervisory Briefings

ESMA Opinion on the meaning of "traded on a trading venue" (ToTV) (22 May 2017)
Updated ESMA Opinion on third-country trading venues for the purposes of post-trade transparency (28 July 2020)
Updated ESMA Opinion on third-country trading venues for the purpose of position limits (28 July 2020)
Updated ESMA Opinion on ancillary activity – market size calculation (10 July 2020)
ESMA Opinion on the treatment of packages under the trading obligation for derivatives (21 March 2018)
ESMA Opinion on ancillary activity – market size calculation (2 October 2018)
ESMA Opinion on frequent batch auctions and DVC mechanism (1 October 2019)
ESMA Opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments (17 July 2020, updated December 2020 and March 2022)
ESMA consultation paper on opinion on the trading venue perimeter (28 January 2022) – See our briefing note for more.
ESMA supervisory briefing on supervisory expectations in relation to firms using tied agents in the MiFID II framework (2 February 2022) - see briefing note for more.