ESMA launches consultation on MiFID II framework
24 September 2021 France
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The European Securities and Markets Authority (ESMA) has launched a consultationthat proposes improvements to the MiFID II framework on best execution reports.
Aiming to ensure effective and consistent regulation as well as supervision and enhancing investor protection, the proposals include technical changes to the regulation.
ESMA has requested changes to the reporting obligations for execution venues, which aim to simplify reporting requirements by reducing the granularity and volume of data to be reported, and moving to a set of seven indicators designed to help firms to assess a venue’s execution quality.
The paper proposes amendments to the relevant provisions of the MiFID II legislative framework to enable these technical changes to come into effect in the future.
Since ESMA’s technical proposals can only be implemented after the relevant provisions of MiFID II have been amended, the outcome of this consultation will not lead to any immediate change of the existing regulatory technical standards (RTSs) 27 and 28, which currently regulate best execution reporting by execution venues and investment firms.
Stakeholders are invited to provide their responses by 23 December 2021.
Aiming to ensure effective and consistent regulation as well as supervision and enhancing investor protection, the proposals include technical changes to the regulation.
ESMA has requested changes to the reporting obligations for execution venues, which aim to simplify reporting requirements by reducing the granularity and volume of data to be reported, and moving to a set of seven indicators designed to help firms to assess a venue’s execution quality.
The paper proposes amendments to the relevant provisions of the MiFID II legislative framework to enable these technical changes to come into effect in the future.
Since ESMA’s technical proposals can only be implemented after the relevant provisions of MiFID II have been amended, the outcome of this consultation will not lead to any immediate change of the existing regulatory technical standards (RTSs) 27 and 28, which currently regulate best execution reporting by execution venues and investment firms.
Stakeholders are invited to provide their responses by 23 December 2021.
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