EUROPEAN UNION: ESMA Updates MIFID II Q&A’s

Wednesday September 13 2017

On 12^th September 2017, the European Securities and Markets Authority (ESMA) published an updated version of its Questions and Answers document concerning the implementation of MIFID II.

The document aims to provide clarity to those concerned with the implementation of MiFID II and MiFIR. The updated document outlines how the Regulation will affect Access to CCPs (Central Counterparty)  and trading venues.

Notably the guidance states that no specific timing requirements are in place for CCP’s to meet the transitional arrangements foreseen in Article 35(5) of MiFIR.

However, ESMA encourages CCPs that meet the requirements set out in Article 35(5) of MiFIR and are considering applying for the transitional arrangements to do so as early as possible during the course of 2017. In any case, ESMA recommends that CCPs should notify their intention to make use of the temporary opt-out under Article 35(5) of MiFIR no later than 30 September 2017.

The document is very much a live document and is being periodically updated to ensure that Market participants and the public have maximum guidance on the implications of the Regulation.

For additional information please click the link above