On December 19, 2014, ESMA published its final technical advice and issued a consultation on its draft ITS and regulatory technical standards (“RTS”) on the implementation of the Markets in Financial Instruments Directive (“MiFID II”) and Regulation (“MiFIR”). The main proposals include (i) increased trade transparency for non-equity instruments; (ii) a trading obligation for shares and a double volume cap mechanism for shares and equity-like instruments; (iii) an obligation to trade derivatives on MiFID venues; and (iv) position limits and reporting requirements for commodity derivatives. ESMA aims to finalize the draft RTS by mid-2015 and the draft ITS by January 2016. MiFID II, MiFIR and the implementing measures are applicable from 3 January 2017. The consultation closes on March 2, 2015.

The consultation paper and final technical advice are available here: 

http://www.esma.europa.eu/system/files/2014-1570_cp_mifid_ii.pdf; 

http://www.esma.europa.eu/system/files/2014-1570_cp_mifid_ii_part_2.pdf;

and 

http://www.esma.europa.eu/system/files/2014-1569_final_report_-_esmas_technic al_advice_to_the_commission_on_mifid_ii_and_mifir.pdf.