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On October 26, the European Securities and Markets Authority (ESMA) published a statement on the impact of the UK’s departure from the EU on December 31, relating to the requirement for EU investment firms only to trade shares on an EU trading venue, with an EU systemic internalizer or on an equivalent third-country exchange (known as the share trading obligation or STO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR) (the Statement).
Continue Reading ESMA Publishes Statement on Trading Obligation for Shares Under MiFIR After Brexit

On July 31, the European Securities and Markets Authority (ESMA) published data for the systematic internaliser (SI) quarterly calculations for equity, equity-like instruments, bonds and, for the first time, other non-equity instruments under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation.
Continue Reading ESMA Publishes Data for Systematic Internaliser Calculations for Equity, Equity-Like Instruments, Bonds and Other Non-Equity Instruments

On March 20, the European Securities and Markets Authority (ESMA) published a statement setting forth its approach to mitigate the impact of COVID-19 on the implementation of the tick-size regime for systematic internalizers (SIs) in EU financial markets under the Markets in Financial Instruments Regulation (MiFIR) and the Investment Firms Regulation (IFR) (the Statement).
Continue Reading ESMA Publishes Statement on MiFIR Tick-Size Regime and COVID-19

On February 17, the European Commission (EC) launched a public consultation on the review of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR) regulatory framework (together, the Framework).

The EC’s consultation is divided into three sections. In the first section, the EC aims to gather views and feedback from all stakeholders on the experience of the first two years of the Framework. In particular, the EC asks whether “a targeted review . . . with an ambitious timeline would be appropriate to address the most urgent shortcomings.” The EC asks stakeholders to rank their satisfaction with the Framework, and to indicate whether they believe the Framework has succeeded in its objectives.
Continue Reading European Commission Consults on MiFID II and MiFIR Review

On September 3, the European Commission (EC) published a communication, dated August 10, in response to a proposal from the European Securities and Markets Authority (ESMA) regarding amendments to Delegated Regulation 2017/587, which sets out regulatory technical standards on transparency requirements for trading venues and investment firms regarding financial instruments (RTS 1), supplementing the Markets in Financial Instruments Regulation (MiFIR).
Continue Reading European Commission Publishes Communication on Proposed ESMA Amendments to MiFIR RTS

On July 20, the European Securities and Markets Authority (ESMA) released a template (Template) to determine whether investment firms are systematic internalizers (SIs). Under the revised Markets in Financial Instruments Directive (MiFID II), an SI is an investment firm which, on an organized, frequent systematic and substantial basis, deals on its own account when executing…