On 22 December 2016, the MFSA issued a circular, addressed to all market participants, the scope of which was to update readers on a number of publications issued by the European Securities and Markets Authority (“ESMA”) aiming to clarify issues relating to MiFID II and MiFIR. The aforementioned publications are the following:

  • Questions and Answers on transparency, market structures, commodity derivatives and data reporting. These Q&As were published in November and December 2016 in order to respond to questions raised by the general public, market participants and competent authorities in relation to the practical application of MiFID II and MiFIR in these respective areas.
  • Guidelines on transaction reporting, order record keeping and clock synchronisation. These were published on 10 October 2016 in order to provide clarifications on the issues at hand.
  • A discussion paper that was issued on 20 September 2016, providing ESMA’s first proposals on how to implement the trading obligation for derivatives as per Articles 28 and 32 of MiFIR, and ESMA’s preliminary analysis of some classes of derivatives that could be subjected to the trading obligation.
  • Consultation papers issued relating to:
    • The draft guidelines on specific notions under MiFID II relating to the management body of market operators and data reporting service providers, published on 4 October 2016
    • The draft RTS on package orders for which there is a liquid market, published on 10 November 2016
    • The RTSs specifying the scope of the consolidated tape for non-equity financial returns, published on 3 October 2016
    • The guidelines on the calibration, publication and reporting of trading halts, published on 6 October 2016

A copy of the MFSA circular can be obtained by clicking here