European Commission Begins Level 2 Process For MIFID II

On 24 April 2014, the European Commission published a request to the European Securities and Markets Authority ("ESMA") seeking technical advice for the preparation of the delegated and implementing acts required under the revised Markets in Financial Instruments Directive II ("MiFID II Directive") and Markets in Financial Instruments Regulation ("MiFIR") (together known as MiFID II). The MiFID II Directive covers market structure, exemptions from regulation, organizational and conduct of business requirements for investment firms and trading venues, powers of national regulators, sanctions, and rules for third-country (non-EEA) firms operating through a branch in the EU. MiFIR sets out requirements for trade transparency, a trading obligation for investment firms trading shares, the mandatory trading of derivatives on organized venues and the provision of services by third-country firms with or without a branch and confers a number of new powers on national regulators,