ESMA updated its Q&As on market structures and transparency topics on 14 November. The new Q&As provide clarification on the following topics:

  • Making data available free of charge 15 minutes after publication (amendment to an existing Q&A); 
  • Obligations applicable to systematic internalisers in non-traded on a trading venue financial instruments;
  • Definition of request for quote (“RFQ”) systems;
  • Pre-trade transparency in RFQ systems;
  • Concept of comparable size in market making agreements and voluntary provision of liquidity.  

Read: The Q&A are available here and here 

Read: The associated press release 

ESMA published a supervisory briefing on assessing suitability under MiFID II on 13 November. The briefing is meant to give market participants indications of compliant implementation of the MiFID II suitability provisions and covers the following topics: 

  • Determining situations where the suitability assessment is required;
  • Information to clients about the purpose of the suitability assessment;
  • Obtaining information from clients;
  • Arrangements necessary to understand investment products;
  • Arrangements necessary to understand the suitability of an investment;
  • Suitability report;
  • Qualifications of firm staff; and
  • Record keeping.  

Read: The briefing

Read: The associated press release