The European Securities and Markets Authority (ESMA) published the following MiFID II Level 2 materials on Friday, 19 December:

The revised Markets in Financial Instruments Directive (MiFID II Directive) and Regulation (MiFIR) (together "MiFID II") will apply across the European Union and member states of the European Economic Area from 3 January 2017.  For an overview of the new MiFID II regime, please click here for our earlier briefing. 

This briefing highlights some of the key recommendations made by ESMA in its technical advice and helps to navigate the topics covered in the Consultation Paper.  Comments on the consultation must be submitted by 2 March 2015.   

Useful documents:

  • A full list of the consultation questions is set out in the reply form for the consultation.
  • A list of the draft regulatory technical standards (RTS) and implementing technical standards (ITS) can be found here.
  • A timeline of key MiFID II dates can be found here.