MiFID 2: ESMA's Second Set Of RTS

The MiFID 2 package takes effect (with a few exceptions) from 3 January 2017. We still await key technical measures. Following ESMA's discussion, consultation and advice papers last year, it has now published the second set of final drafts of key Implementing and Regulatory Technical Standards (ITS and RTS) for the Commission to approve. In this factsheet we summarise the papers submitted to the Commission on 28 September 2015.

The background

In December 2014, ESMA published technical advice to the Commission and a set of draft ITS and RTS. On 29 June it published its final report and RTS submitted to the Commission on authorisation, passporting and third-country firms. It delayed submission of most of the remaining measures until September (with final ITS further delayed as it did not start consultation on those until early September). On 28 September it published the final report and annexed all outstanding RTS and ITS except the three still under consultation,