The Committee of European Securities Regulators (CESR) has updated its paper on waivers from pre-trade transparency obligations under the Markets in Financial Instruments Directive (MiFID).
The paper contains examples of systems or functionalities whose compliance with the requirements for exemptions from MiFID pre-trade transparency requirements has been considered by CESR. They are intended to provide information on the application of the relevant provisions of MiFID in specific cases and to assist market participants when creating new functionalities.
The paper now contains a new example in red font regarding an application for a waiver to be granted under Article 18(1)(b) of the MiFID implementing Regulation (the Negotiated Trade Waiver). CESR has, by qualified majority, adopted the example as being compliant with the MiFID criteria.
View Waivers from Pre-trade Transparency Obligations under MiFID - Updated, 9 March 2010