ESMA publishes transparency addendum on MiFID 2 consultation: ESMA has published an addendum to its December 2014 consultation on implementation of the revised Markets in Financial Instruments Directive and Regulation package (MiFID 2). The paper covers four non-equity asset classes: (1) foreign exchange derivatives; (2) credit derivatives; (3) other derivatives; and (4) contracts for difference (CFDs). For each class, ESMA analyses the definition of a "liquid market" and sets out calculations for the pre-trade and post-trade transparency "large in scale" (LIS) and "size specific to the instrument" (SSTI) thresholds. The paper also includes a complete draft of Regulatory Technical Standard (RTS) 9 (Transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives). ESMA asks for comment by 20 March (the main consultation closes on 2 March). (Source: ESMA Publishes Transparency Addendum on MiFID 2 Consultation)

ESMA publishes CSD responses: ESMA has published responses it received to its consultation on technical standards and advice under the Central Securities Depository (CSD) Regulation. (Source:ESMA Publishes CSD Technical Standards Responses, ESMA Publishes CSD Technical Advice Responses and ESMA Publishes Responses on Access to Trading Venues or Central Counterparties by CSDs)

ESMA amends 2015 work programme: ESMA has amended its 2015 work programme to reflect the fact it has not received as much budget for the year as it asked for. It explains that it will no longer be able to carry out all the tasks it had prioritised, and as a result will, among other things:

  • need to delay development of technical standards and technical advice on some regulations, particularly the Benchmarks Regulation, the Central Securities Depositories Regulation and MiFID 2; and
  • have limited resource for translations.

(Source: ESMA Amends 2015 Work Programme)

ESMA publishes MiFID best execution review: ESMA has published a peer review on how national regulators supervise and enforce the Markets in Financial Instruments Directive (MiFID) provisions on best execution. It found the levels of both implementation of best execution provisions and convergence of supervisory practices to be quite low. It recommends that best execution should be a key conduct of business supervisory issue, and that regulators should devote more resource and be more proactive in supervising compliance with the best execution requirements. (Source: ESMA Publishes MiFID Best Execution Review)