EVCA responds on MiFID 2 Level 2 measures: EVCA has submitted its response to ESMA's consultations on the Level 2 measures under the revised package for markets in financial instruments (MiFID 2). EVCA notes that EU jurisdictions differ in whether they require a licence for certain activities carried out by affiliates of private equity firms, and that in some cases discretionary private equity managers of managed accounts are deemed portfolio managers under the current law. It suggests that many of the rules have the discretionary management industry in mind and therefore are not appropriate to private equity firms. For this reason, EVCA suggests it is important to apply the proportionality principle when applying MiFID 2 to private equity firms. (Source: EVCA Response on MiFID 2