ESMA updates MiFID and MiFIR Q&As 04 April 2019Paris Reporter: Jenna Lomax
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The European Securities and Markets Authority (ESMA) has updated its Q&As regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The new Q&As provide clarification on the determination of the turnover to be used for the average value of transactions as well as the impact for systematic internalisers of an instrument changing liquidity status in between the systematic internaliser (SI) determination dates.
In addition, the updates include reviews on reporting of prime brokerage transactions, quoting obligation for systematic internalisers in non-equity financial instruments and branches of third country firms operating as SI in the EU and third-country trading venues’ access to an EU central counterparty.
ESMA has also published Q&As on market structures topics with the objective of deleting or amending obsolete Q&As such as those addressing issues pertaining to either 3 January 2018, or the following 12 months.
The purpose of ESMA’s Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR.
The Q&As provide responses to questions posed by the general public and market participants in relation to the practical application of level one and level two provisions relating to transparency and market structures issues.
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