At the Commission's open hearing on MiFID, Michel Barnier outlined the key priorities of the MiFID review and the wider financial markets regulatory structure. He said the Commission's objectives for the MiFID review are:
- responsible participants in the financial markets;
- transparency for everyone, not just traditional equity markets, exchanges and MTFs;
- fair competition; and
- restoring trust in the markets and financial intermediaries.
On wider regulation, he said the Commission's plan had four legislative pillars:
- its proposal on OTC derivatives, which will have a strong impact on derivatives that have commodities as their underlying;
- the process of reviewing MiFID, which will create the opportunity to strengthen transparency, give a better framework for organised markets and increase controls on activities in those markets;
- the review of the Market Abuse Directive and the extension of its scope, which will make commodities-based markets safer and better supervised; and
- ESMA, which will play an important role in making these markets work better by setting common rules and a co-ordinated approach to supervision.