The Presidency has published a further compromise text for the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR). The changes to MiFID 2 relate to organised trading facilities (OTF). A new provision allows Member States to permit an investment firm or market operator operating an OTF to engage in dealing on own account other than matched principal trading only with regard to sovereign debt instruments for which there is not a liquid market. A deletion removes certain detail on what is regarded as discretionary execution of orders on an OTF. The MiFIR changes address the definition of a "sovereign issuer" and also propose that ESMA reports by six months before MiFIR takes effect on whether to exclude exchange traded derivatives from the central counterparty (CCP) and trading venue access requirements for three years (in place of the current three-year exemption without the need for a study). (Source: Compromise Text MiFID 2 10 June and Compromise Text MiFIR 10 June)