MiFID 2: ESMA Publishes First Technical Advice

This article summarises ESMA's technical advice and consultation on standards under MiFID 2 published on 19 December 2014.

The European Securities and Markets Authority (ESMA) published the follow up papers to its summer consultations on the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) on 19 December 2014. The papers, comprising technical advice to the Commission and a long further consultation paper, address numerous aspects of delegated legislation and technical standards to be made under MiFID 2 and MiFIR. In this note, we summarise the key aspects of the advice, and the main proposals in the draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS).