ESMA speaks at MiFID 2 hearing: Stephen Maijoor spoke at EP's ECON hearing on the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR). He addressed concerns that ESMA was not being transparent over its draft technical standards by saying the Commission Legal Services is currently reviewing the drafts to minimise the risk of any need for ESMA to formally resubmit them. He focused on the particular challenges ESMA faces relating to:

  • non-equity market transparency: ESMA needs to try to find solutions acceptable for a wide range of products, and notes there can never be a perfect solution because the products are so different;
  • position limits: ESMA has to work within the level 1 measures, but points out national regulators will be likely to work within the middle of the limits but must have power to set strict limits where necessary; and
  • ancillary activities: ESMA points out that the public complaint that ESMA must be wrong when it seeks to regulate non-financial business is flawed. The purpose of the changes MiFID 2 brings is to reduce "opaque" parts of the market and to bring non-financial and financial business carrying on the same activities on to a level playing field.

He also noted that ESMA will be able to recalibrate and change the standards, which gives some flexibility, but this will also entail the full Commission approval process. (Source: ESMA Speaks at MiFID 2 Hearing)

ESMA publishes clearing obligation responses: ESMA has published the responses it received to its consultation on the clearing obligation under EMIR. It received 12 responses. (Source: Consultation No 4 on the Clearing Obligation under EMIR)

ESMA updates AIFMD Q&As: ESMA has updated its set of Q&As on the Alternative Investment Fund Managers Directive (AIFMD). New questions relate to reporting to regulators and calculating assets under management. (Source: ESMA Updates AIFMD Q&As)

ESMA delays AIFMD third-country advice: ESMA had hoped to deliver its opinion on the third-country passport under AIFMD around 22 July, but now says it will do so around 28 July. (Source: ESMA Delays AIFMD Third Country Advice)

ESMA publishes knowledge and competence responses: ESMA has published the responses it received to its draft guidelines on knowledge and competence of those giving advice under MiFID 2. (Source: ESMA Publishes Knowledge and Competence Responses)