MiFID II - Final Report on ITS

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MiFID II - Final Report on ITS

December 2015

MiFID

On 11 December 2015, the European Securities and Markets Authority (ESMA) has published Implementing Technical Standards (ITS) regarding the implementation of the Market in Financial Instruments Directive (MiFID II). ESMA’s ITS translate how the legislation will apply in practice to market participants, market infrastructures and national supervisors. With this report ESMA publishes its final proposals for a total of eight draft technical standards.

This final report deals with eight technical standards in the following areas:

ITS 1 : standard forms, templates and procedures for cooperation arrangements in respect of a trading venue whose operations are of substantial importance in a host Member State;
ITS 2 : format and timing of the communications and the publication regarding the suspension and removal of financial instruments from trading on a Regulated Market (RM), a Multilateral Trading Facility (MTF) or an Organised Trading Facility (OTF);
ITS 3 : standard forms, templates and procedures for the authorisation of data reporting services providers;
ITS 4 : position reporting (Article 58(5));
ITS 5 : format and timing of weekly position reports (Article 58(7));
ITS 6 : standard forms, templates and procedures for competent authorities to cooperate in supervisory activities, on-site verifications, and investigations and for the exchange of information;
ITS 7 : standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation (IPISC - Investor Protection & Intermediaries SC );
ITS 8 : procedures and forms for submitting information on sanctions and measures.

This final report also describes the feedback received in the public consultations and the rationale behind ESMA's final proposals.

Next Steps

The final report has been submitted to the European Commission on 11 December 2015. The Commission has three months (this period can be extended by one additional month) to decide whether to endorse the technical standards.

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