The Central Bank has published notice of the ESMA consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

As part of the consultation process, ESMA has released the following documents:

  • Consultation Paper on MiFID/MiFIR Technical Advice - ESMA needs to deliver this advice to the European Commission by December 2014 and is therefore subject to a condensed consultation process for this paper; and
  • Discussion Paper on MiFID/MiFIR draft RTS/ITS - this will provide the basis for a further consultation paper on the draft RTS/ITS which is expected to be issued in late 2014 / early 2015.

Both consultations are open until 1 August 2014, and open hearings will take place on 7 and 8 July. See also "Investment Firms – European & International Developments" for details of ESMA's discussion paper.