European Securities and Markets Authority Publishes Opinions on Amendments to Markets in Financial Instruments Directive II Non-Equity Transparency and Position Limits RTS



On May 2, the European Securities and Markets Authority (ESMA) published two opinions (Opinions) to revise draft regulatory technical standards (RTS) made under the amended and restated Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).

The revisions relate to draft RTS 2 on non-equity transparency and draft RTS 21 on the methodology for the calculation and application of position limits for commodity derivatives. ESMA has submitted revisions to the RTS in response to letters (Letters) published by the European Commission (EC) on April 20, in which the EC confirmed its intention to endorse the draft RTS, subject to certain changes.

In summary, ESMA’s revisions reflect the following:

ESMA is intending to publish a further opinion on the draft RTS relating to ancillary activities later in May.

The two Opinions and accompanying annexes (which show ESMA’s proposed changes to each draft RTS) can be found here.

The EC’s Letters can be found here.

A copy of ESMA’s press release can be found here.



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National Law Review, Volume VI, Number 128