ESMA is consulting on draft RTS under the current MiFID requirement for Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. ESMA is required to produce by 1 January 2014 RTS for the Commission which set out an exhaustive list of the relevant information. The RTS are based on existing guidance from the European Supervisory Authorities. They address information on:

  • acquirers and the proposed acquisition;
  • the new group structure and its impact on supervision;
  • proposed changes in control of the target or where the acquirer's shareholding would fall within various bands within the Acquisitions Directive;
  • situations where EU acquirers acquire small, non-complex investment firms; and
  • validity of information.

ESMA asks for comments by 9 September. (Source: ESMA Consults on MiFID M&A RTS)