ESMA publishes latest Q&A’s for transparency issues under MiFID and MiFIR
06 September 2022 France
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The European Securities and Markets Authority (ESMA) has published its latest Q&As regarding transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of the updated Q&A document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR, in relation to transparency topics.
The latest update concerns Article 9, Question 3, relating to third country issues.
On 5 September, ESMA updated its Q&A on whether transactions executed between a branch and its head office should be subject to transparency requirements.
On this matter, ESMA now states that “transfers of financial instruments between two branches of the same legal entity or a branch and its parent company are not subject to the transparency or transaction reporting requirements, as they do not entail a change in the ownership of financial instruments”.
ESMA’s 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 structure issues.
The purpose of the updated Q&A document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR, in relation to transparency topics.
The latest update concerns Article 9, Question 3, relating to third country issues.
On 5 September, ESMA updated its Q&A on whether transactions executed between a branch and its head office should be subject to transparency requirements.
On this matter, ESMA now states that “transfers of financial instruments between two branches of the same legal entity or a branch and its parent company are not subject to the transparency or transaction reporting requirements, as they do not entail a change in the ownership of financial instruments”.
ESMA’s 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 structure issues.
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