ESMA is consulting on draft RTS on transaction reporting, reference data, order record keeping and clock synchronisation under MiFID II.  The consultation seeks views on draft guidance, which is divided into three sections: (i) transaction reporting; (ii) order record keeping activities; and (iii) clarifications on the application of the clock synchronisation requirements. Comments are invited by 23 March 2016. ESMA expects to publish a final version of the guidelines in the second half of 2016.