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Alternative Market Briefing

ESMA begins work on MiFID reforms

Friday, May 23, 2014

Bailey McCann, Opalesque New York:

The European Securities and Markets Authority (ESMA) has launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The regulator says this is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations. (The idea that we might start from practically applicable rules notwithstanding.)

MiFID II/MiFIR contains over 100 requirements for ESMA to draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS), these are essentially requirements to translate the rule into something humans might actually be able to implement and abide by within the EU member state's existing systems.

To that end, ESMA has published its first consultation paper on MiFID/MiFIR, asking for public comment on proposed rules by August 1, 2014. The 311 page paper starts with investor protection rules including which financial firms are exempt from MiFID rules, how to handle best execution requirements and investors assets. Transparency, market structure and high frequency trading are dealt with in later sections. Commodity derivatives - which have some of the most confusing sets of rules and guidance are saved until last.

ESMA has also released ......................

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