MiFID II ITS final report no. 3
On 11 December 2015 ESMA issued the latest set of MiFID II Implementing Technical Standards (ITS). The ITS delineates the practical standards which will give uniform effect to the regulatory Technical Standard’s delegated acts- Euro legalese for what generally amounts to a set of prescribed forms and rules for their completion. This third ruleset, succeeding those of June and September 2015, specify final forms, templates and procedures in the following six areas:
- Cooperation arrangements in respect of a trading venue of substantial importance in a host Member State
- Authorisation of data reporting services providers
- Position Reporting
- Cooperation arrangements for competent authorities in respect of supervisory activities, on-site verifications, investigations and the exchange of information
- Consultation of other competent authorities prior to granting an authorisation
- Submitting information on sanctions and measures
as well as rules on the format and timing of:
- Communications regarding the suspension and removal of financial instruments from an RM, OTF or MTF
- Weekly position reports
Following the final report’s submission, the Commission has the usual three months (extendable by one) to endorse, return or reject the ITS.
Despite the near-certainty of significant delay, the MiFID II juggernaut still rumbles on; this will come as no surprise to readers who recall that timely publication of the ITS sequence was one of the preconditions to Parliament’s approval of a revised timeline.
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