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ARTICLE · 06 FEBRUARY 2015

ESMA Technical Advice And Consultation On MiFID II

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ESMA also published a consultation paper on MiFID II and MiFIR on 19 December 2014.

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Technical Advice

ESMA's final report on its technical advice to the Commission relating to the registration of a multilateral trading facility ("MTF") as an SME growth market (SME-GM) under the second Markets in Financial Instruments Directive ("MiFID II") and the Markets in Financial Instruments Regulation ("MiFIR") was published on 19 December 2014. This report substantially reflects ESMA's draft technical advice published on 22 May 2014, with the exception of the following changes:

  • SME-GMs'eligibility criteria (when ascertaining whether an SME-GM has at least 50% SME issuers, non-equity issuers can be considered SMEs if the total nominal value of the issuer's debt securities is below €200m or the issuer is an SME under Article 2(1)(f) of the Prospectus Directive);

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