ESMA has published an updated version of the waiver document that sets out its assessment of applications for waivers from pre-trade transparency requirements under the MiFID (ESMA/2011/241h). The waiver document is aimed at competent authorities under MiFID to ensure that their actions converge with ESMA’s opinions. Examples are given to provide clarity for firms on MiFID’s pre-trade transparency requirements. The updated waiver document sets out a new ESMA opinion relating to large-in-scale waivers and provides an example of functionalities that satisfy the MiFID criteria. The waiver document, which is updated whenever ESMA forms a new opinion on waivers, was last updated in August 2015.