On June 20, 2016, ESMA published an updated document on its approach to waivers to certain pre-trade transparency requirements under the current MIFID. MiFID I allows national regulators to grant waivers to regulated markets and multilateral trading facilities from certain pre-trade transparency requirements for shares based on the market model or the type and size of orders. ESMA first published the document in August 2015, setting out examples of pre-trade waivers under MiFID I. The document is intended to assist national regulators in ensuring that their supervisory practices are in line with ESMA’s opinions and to assist firms by clarifying the content of the MiFID I requirements.

ESMA's document is available at: https://www.esma.europa.eu/sites/default/files/library/2011- 241h_esma_opinions_cesr_positions_on_pre-trade_waivers_0.pdf