On June 3, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on transparency topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).
The updated Q&As provide clarification on the following topics:
- The mandatory systematic internalizer (SI) regime;
- The voluntary SI regime; and
- The quoting obligation for SIs in instruments that are not traded on a trading venue.
ESMA also removed and amended obsolete questions, such as those pertaining to the initial implementation of MiFID II.
The updated Q&A is available here.