Financial Market Regulation

State of play: on 29 June 2016, the Regulation was published in the Official Journal (L 171/1).

Review process started in the Commission.

Level 1

Commission

• 18 September 2013, the proposal was published.
• 18 March 2020, the Commission launched a consultation on a roadmap for the review of EU rules for financial benchmarks.
• 24 July 2020, the Commission proposed amendments to EU rules on financial benchmarks.

Parliament

• 31 March 2015, the ECON Committee adopted its report on the proposal.
• 7 April 2016, the ECON Committee approved the agreed text from the trilogue negotiations.
• 28 April 2016, the Parliament adopted the trilogue agreement in plenary. 
• 19 January 2021, the plenary voted on orderly termination of benchmarks
• 2 February 2021, the Council adopted amendments to the so-called Banchmark Regulation adopting new rules addressing LIBOR cessation.

Council

• 17 May 2016, the Council formally adopted the text.

Level 2

• 29 September 2017, the Commission adopted a delegated regulation on the criteria to be applied for assessing whether certain events would result in significant and adverse impacts on market integrity, financial stability etc.
• Acts on Benchmarks Regulation
• 7 September 2018, ESMA updated its benchmarks register.
• 16 July 2019, the EBA updated the ITS package for 2020 benchmarking exercise, on the basis of the responses to the consultation to amend the Regulation on benchmarking of internal models.
• 11 October 2019, the Commission opened a public consultation on a report on the review of the Benchmark Regulation pursuant to Article 54.
• 13 February 2020, ESMA published a table comprising national competent authorities that comply or intend to comply with ESMA’s guidelines on non-significant benchmarks under the Benchmarks Regulation.
• 9 March 2020, ESMA launched a consultation on draft RTS under the Benchmarks Regulation (BMR) covering governance, methodology, infringements reporting, critical benchmarks
• 25 September 2020, ESMA launched a consultation on fees for benchmarks administrators under the BMR.

Level 3

• 20 December 2018, ESMA published guidelines on non-significant benchmarks.
• 19 June 2019, ESMA published the official translations of its guidelines on non-significant benchmarks.
• 11 July 2019, ESMA updated the Q&A on the Benchmarks Regulation.
• 11 December 2019, ESMA issued an update of its Q&A on the Benchmarks Regulation.
• 13 December 2019, ESMA made available information on pending authorisation/registration applications by EU-based administrators under the Benchmarks Regulation.
• 6 February 2020, EIOPA opened a consultation addressing for the first time the subject of the ongoing changes to the new benchmark rates (or IBOR transitions) following the Benchmarks Regulation.
• 13 February 2020, ESMA published a table comprising national competent authorities that comply or intend to comply with ESMA’s guidelines on non-significant benchmarks under the Benchmarks Regulation.
• 9 March 2020, ESMA published a list of competent authorities that comply or intend to comply with its guidelines on non-significant benchmarks.
• 29 April 2020, ESMA published a no action letter to promote coordinated action by national competent authorities (NCAs) regarding the new environmental, social and governance (ESG) disclosure requirements for benchmark administrators under the Benchmarks Regulation.
• 6 November 2020, ESMA published a Q&A on the European Benchmarks Regulation.
• 23 December 2020, ESMA published a consultation on fines and penalties for Benchmark Administrators.
• 1 February 2021, ESMA published a report on its technical advice regarding supervisory fees for benchmarks administrators under the BMR.

State of play: on 27 July 2012, the Regulation was published in the Official Journal (L 201/1)

Level 1

• 27 January 2021, the Commission launched a consultation on the equivalence of OCT derivatives in the US.
• 16 March 2021, the Commission has launched a consultation on Pension Scheme Arrangements – exemption from clearing obligation.

Level 2

• 6 September 2018, ESMA published the responses received to the consultation on the clearing obligation under EMIR.
• 27 September 2018, ESMA published its final report amending RTS on the clearing obligation for intragroup transactions.
• 18 December 2018, the ESAs published two joint draft RTS on risk mitigation techniques for OTC derivative contracts not cleared by a CCP and on margin requirements for non-centrally cleared OTC derivatives.
• 19 December 2018, the Commission adopted a delegated regulation on the extension of the dates of deferred application of the clearing obligation for certain OTC derivative contracts.
• 22 July 2019, ESMA published the annual peer review report on the overall supervision of CCPs by the NCAs.
• 3 October 2019, ESMA issued a consultation on draft technical advice to the Commission on the commercial terms for providing client clearing services under EMIR.
• 17 October 2019, ESMA published the results of a peer review on data quality reporting under EMIR of six NCAs.
• 11 November 2019, ESMA published three sets of technical advice to the Commission regarding third-country central counterparties (TC-CCPs) under EMIR 2.2. They regard: tiering criteria under EMIR 2.2, fees to be charged to TC-CCPs, and comparable compliance.
• 5 December  2019, the ESAs published joint draft Regulatory Technical Standards to amend the Delegated Regulation on the risk mitigation techniques for non-cleared OTC derivatives (bilateral margining) under EMIR.
• 9 December 2019, ESMA published its second annual report regarding supervisory measures carried out and penalties imposed by NCAs under EMIR from January to December 2018.
• 3 March 2020, ESMA published a report on C6 energy derivatives and related obligations under EMIR.
• 2 April 2020, ESMA launched a public consultation on a range of issues regarding potential central clearing solutions for Pension Scheme Arrangements (PSAs) under EMIR.
• 4 May 2020, the ESAs published joint draft regulatory technical standards (RTS) to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared OTC derivatives (bilateral margining) under EMIR. (Covid-19)
• 11 June 2020, the European Commission launched three consultations on draft delegated regulations on the supervision of non-EU central counterparties (CCPs) concerning: i) compliance of non-EU clearing houses; ii) systemic importance of third-country central counterparties; iii) fees to be charged to third-country central counterparties.

Level 3

• 28 March 2019, ESMA published the official translation of guidelines on position calculation by TSR under EMIR.
• 5 April 2019, ESMA published translations for guidelines on CCP conflict of interest management.
• 15 April 2019, ESMA published the translations for guidelines on CCP APC margin measures.
• 15 July 2019, ESMA updated the Q&A on the implementation of EMIR.
• 2 October 2019, ESMA updated the Q&A on data reporting under EMIR.
• 28 May 2020, ESMA updated its Q&As on practical questions regarding data reporting issues under EMIR.
• 8 July 2020, ESMA updated it Q&As on practical questions regarding data reporting issues under EMIR.
• 21 December 2020, ESMA updated its Q&A on EMIR.

State of play: legislative phase and preparation of review of the Action Plan

Level 1

Commission

• 30 September 2015, the Commission published its Action Plan on “Building a CMU”.
• 20 January 2017, the Commission launched a public consultation on the CMU mid-term review.
• 8 June 2017, the Commission published the mid-term review report on the CMU.
• The Commission published a number of proposals in the framework of this action plan, most have been adopted by the co-legislators.
• 18 November 2019, the Commission announced the composition of the High Level Forum (HLF) on the Capital Markets Union (CMU). The HLF will start working on 26 November 2019.
• 20 February 2020, the Commission published the interim report produced by the High-Level Forum on the Capital Markets Union.
• 10 June 2020, the Commission published the final report of the High-Level Forum on the Capital Markets Union.
• 7 July 2020, the Commission launched an inception impact assessment on the CMU Action Plan.
• 24 September 2020, the Commission published the new Capital Markets Union Action Plan.
• 20 January 2021, the Commission published a targeted consultation on the establishment of a European single access point (ESAP) for financial and non-financial information publicly disclosed by companies.
• 12 March 2021, the European Commission launched a targeted consultation on supervisory convergence and the single rulebook

Council

• 5 December 2019, the Council adopted conclusions on the deepening of the CMU.

Parliament

• 17 June 2020, the ECON Committee presented its draft Own Initiative report on CMU.
• 16 July 2020, the ECON Committee tabled amendments to its INI report on CMU.
• 10 September 2020, the ECON Committee adopted its INI report on CMU.

Level 2

• 2 March 2021, ESMA has submitted its response and an accompanying letter to the European Commission’s targeted consultation on the European Single Access Point (ESAP).

Next steps

• The Commission to start implementing the CMU action plan.

State of play: on 30 June 2017, the Regulation was published in the Official Journal (L 168/12).

• ESMA Prospectus Documents

Level 1

Commission

• 30 November 2015, the proposal for a regulation was published.
• 14 September 2020, the Commission published the delegated regulation 2020/1272
  which amends and corrects the Delegated Regulation (EU) 2019/979, supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal.

Trilogue negotiations

• 7 December 2015, the Parliament and the Council reached a political agreement.
• 5 April 2017, the Parliament adopted the agreed texts in plenary.
• 16 May 2017, the Council formally adopted the proposal.

Level 2

• 17 July 2018, ESMA published new RTS on the implementation of the Prospectus Regulation.
• 8 February 2019, ESMA published a list of thresholds below which an offer of securities to the public does not need a prospectus in the EU Member States.
• 16 June 2020, the Commission launched a consultation on a draft delegated regulation as regards the minimum information content of the document to be published for a prospectus exemption in connection with a takeover by means of an exchange offer, a merger or a division.

Level 3

• 3 April 2018, ESMA published the first part of its technical advice under the Prospectus Regulation.
• 30 October 2018, ESMA published the responses to the consultation on draft guidelines on risk factors and to the consultation on draft technical advice on minimum information content for prospectus exemption.
• 29 March 2019, ESMA published the final guidelines on how NCAs should review risk factors, as required by the Prospectus Regulation.
• 12 July 2019, ESMA updated Q&A on the Prospectus Regulation.
• 12 July 2019, ESMA launched a consultation on draft guidelines on disclosure requirements under Prospectus.
• 30 September 2019, ESMA published the official translations of its guidelines on risk factors under the Prospectus Regulation.
• 28 October 2019, ESMA published the advice of the SMSG to the consultation paper on draft guidelines on disclosure requirements under the Prospectus Regulation.
• 3 December 2019, ESMA updated its Q&A on the Prospectus Regulation.
• 13 January 2020, ESMA published a compliance table with competent authorities complying or intending to comply with ESMA’s guidelines on risk factors under the Prospectus Regulation.
• 18 February 2020, ESMA updated its Q&A on the Prospectus Regulation aiming to enhance common supervisory approaches and practices in the application of prospectus supervision.
• 15 July 2020, ESMA published its final guidelines on disclosure requirements under the Prospectus Regulation.

Next steps

• The European Commission has presented a quick fix proposal as part of the recovery (Covid-19) on 24 July 2020. Discussions are ongoing in the European Parliament. The Council has a position since 21 October 2020

State of play: on 12 June 2014, the Directive (L 173/349) and the Regulation (L 173/84) were published in the Official Journal

• Link to ESMA MiFID/MiFIR Documents.

Level 1

Commission

• 14 February 2020, the Commission opened a targeted consultation on possible reforms to the MiFID and MiFIR, the deadline to provide comments is 20 April. 
• 17 February 2020, the Commission launched a public consultation on a roadmap for the review of MiFID and MiFIR.

Level 2

• 14 March 2016, the Commission sent a letter to ESMA in order to ask amendments to the RTS.
• 25 April 2016, the Commission adopted a delegated regulation establishing organisational requirements and operating conditions for investment firms and defined terms for the purposes of MiFID.
• 18 May 2016, the Commission adopted a delegated regulation supplementing MiFIR as regards definitions, transparency, portfolio compression and supervisory measures on product intervention and positions.
• 1 July 2016, ESMA submitted two amendments to the Commission in relation to the draft RTS on reporting obligations under Article 26 of MiFIR.
• 19 July 2016, the Commission adopted a delegated regulation supplementing MiFID II with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading.
• 28 July 2016, the Commission adopted a delegated regulation supplementing MiFIR with regard to regulatory technical standards for the reporting of transactions to competent authorities.
• 28 February 2017, ESMA published the final report on draft RTS on package orders.
• 17 September 2017, the Commission adopted some draft rules on how investment firms and insurance distributors should take sustainability issues into account.
• 28 November 2017, the Commission adopted a delegated regulation supplementing MiFIR on package orders.
• 17 September 2018, ESMA published responses to its consultation on proposed amendments to the Commission Delegated Regulation (EU) 2017/588 (RTS11).
• 13 November 2018, ESMA published an updated version of its supervisory briefing on MiFID II suitability requirements.
• 14 December 2018, ESMA published the final report amending ticket size regime (MiFID II).
• 19 December 2018, ESMA published the MiFID II list of supplementary deferral regimes.
• 20 December 2018, ESMA updated the assessment of third-country trading venues for the purpose of post-trade transparency and position limits under MiFID II/MiFIR.
• 22 January 2019, ESMA published an update on commodity derivatives transitional transparency calculation for MiFID II and MiFIR.
• 30 January 2019, ESMA updated its action plan for systematic internaliser regime calculations and publications.
• 1 February 2019, ESMA published new data for bonds liquidity on MiFID II.
• 6 February 2019, ESMA published a MiFID II supervisory briefing on the supervision of non-EU branches of EU firms providing investment services and activities.
• 25 February 2019, ESMA published the responses received to its consultation on integrating sustainability risks and factors in MiFID II.
• 7 March 2019, ESMA released a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the UK leave the EU without an agreement.
• 7 March 2019, ESMA issued the latest double column cap data under MiFID II.
• 14 March 2019, ESMA updated the interactive Single Rulebook which included all L2 and L3 measures related to the provisions of MiFID II and MiFIR.
• 18 March 2019, ESMA published the results of the annual transparency calculation of the large in scale (LIS) and size specific to the instruments thresholds (SSTI) for bonds.
• 2 April 2019, the Commission adopted an implementing decision on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore.
• 4 April 2019, ESMA published the supervisory briefing on MiFID II appropriateness and execution-only.
• 30 April 2019, ESMA agreed on five position limits under MiFID II.
• 3 May 2019, ESMA published the final report on integrating sustainability risks and factors in MiFID II,
• 3 June 2019, ESMA launched the common supervisory action with NCAs on MiFID II appropriateness rules.
• 3 June 2019, ESMA published a supervisory briefing on pre-trade transparency requirements in commodity derivatives.
• 12 July 2019, ESMA published the responses to the call for evidence on position limits in commodity derivatives.
• 17 July 2019, ESMA published the report on sanctions and measures imposed under MiFID II in 2018.
• 23 July 2019, ESMA updated the public register of derivatives to be trated on-venue under MiFIR.
• 1 August 2019, ESMA updated the data for the systemic internaliser calculations for equity, equity-like instruments and bonds under MiFID II/MiFIR.
• 1 August 2019, ESMA issued new data for bonds subject to the pre- and post-trade requirements of MiFID II/MiFIR.
• 9 September 2019, ESMA updated its public register with the latest set of double volume cap (DVC) data under the MiFID II.
• 11 September 2019, ESMA published the responses to the consultation on MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments.
• 12 September 2019, ESMA published the responses to the call for evidence on certain investor protection topics, related to the impact of the inducements and costs and charges disclosure requirements under MiFID II.
• 18 September 2019, ESMA published the advice of the SMSG to the consultation on the development in prices for pre- and post- trade data and on the consolidated tape for equity instruments.
• 23 September 2019, ESMA released the updated results of the annual transparency calculations for equity and equity-like instruments.
• 24 September 2019, ESMA responded to the Commission regarding the first annual review of MiFIR RTS 2.
• 9 October 2019, ESMA published its annual report on the application of waivers and deferrals under MiFIR.
• 5 November 2019, ESMA launched a consultation on draft technical advice on the impact of position limits and position management and on weekly position reports under MiFID II.
• 15 November 2019, ESMA published the responses and the advice of the SMSG to the call for evidence on the effects of product intervention measures regarding CFDS and binary options on market participants and clients under MiFID II.
• 28 November 2019, ESMA published the responses it received to its consultation on aligning MiFIR requirements to the changes introduced by the revision of the European Market Infrastructure Regulation (EMIR Refit).
• 5 December 2019, ESMA published a review report on the development of prices for market data and on the consolidated tape for equity under MiFID II.
• 13 January 2020, ESMA published the responses received to its consultation on MiFID II review report on position limits and position management.
• 29 January 2020, ESMA an updated list of national supervisory authorities (NSAs) for communication in the MiFID II framework on supervisory cooperation, authorisation, acquisitions and passporting.
• 3 February 2020, ESMA updated the list of contact points of national supervisory authorities for communication in the MiFID II framework on supervisory cooperation, authorisation, acquisitions and passporting.
• 3 February 2020, ESMA launched a consultation on the MiFIR pre-trade transparency regime for systematic internalisers (SI) active in non-equity instruments.
• 4 February 2020, ESMA launched a consultation to review the MiFIR transparency regime for equity, ETFs and other related instruments, such as the double volume cap mechanism and the trading obligations for shares.
• 4 February 2020, ESMA published its final report on product intervention requirements under MiFIR, as part of its review, and renewal process, of the temporary measures in relation to binary options and CFDs.
• 5 February 2020, ESMA launched a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II suitability rules across the EU.
• 6 February 2020, ESMA published a statement to provide an update on the implementation of the supervisory briefing on pre-trade transparency in commodity derivatives under MiFIR.
• 7 February 2020, ESMA published a final report suggesting amendments to the trading obligation under MiFIR following the introduction of EMIR Refit.
• 6 March 2020, ESMA updated its public register with the latest set of double volume cap (DVC) data under MiFID II.
• 10 March 2020, ESMA launched a consultation on reviewing the transparency regime for non-equity instruments and the trading obligation for derivatives under MiFIR.
• 10 March 2020, ESMA launched a consultation on reviewing the transparency regime for non-equity instruments and the trading obligation for derivatives under MiFIR.
• 1 April 2020, ESMA published its advice to the European Commission on inducements and costs and charges disclosures under MiFID II.
• 1 April 2020, ESMA published a review report on the impact of position limits and position management on commodity derivatives markets, following over two years of MiFID II.
• 23 April 2020, ESMA published the response of the Securities and Markets Stakeholder Group to the consultation paper concerning MIFIR transparency regime for equity and equity-like instruments.
• 23 April 2020, ESMA published the response of the Securities and Markets Stakeholder Group to the consultation paper concerning MiFIR report on systematic internalisers.
• 28 April 2020, ESMA published the template for the publication of the quarterly non-equity systematic internaliser data.
• 8 May 2020, ESMA updated its public register with the latest set of double volume cap (DVC) data under MiFID II.
• 3 June 2020, ESMA published updated opinions on post-trade transparency and position limits under MiFID II and MiFIR following its assessment of over 200 third-country trading venues (TCTV) against criteria published in opinions in 2017.
• 8 June 2020, ESMA updated its public register with the latest set of double volume cap (DVC) data under MiFID II.
• 13 July 2020, ESMA published its second report on sanctions and measures imposed under MiFID II by national competent authorities (NCAs).
• 16 July 2020, ESMA published two reports reviewing key provisions of MiFID/MiFIR transparency regime.
• 23 July 2020, ESMA published the MiFID/MiFiR annual review report under Commission Delegated Regulation (EU) 2017/583 (RTS 2).
• 24 July 2020, the European Commission launched a consultation on amendments to delegated directive (EU) 2017/593 (MiFID II) as regards the regime for research on small and mid-cap issuers and on fixed-income instruments. (Covid-19).
• 24 September 2020, ESMA launched a consultation paper reviewing the reference data and transaction reporting obligations under the Market in Financial Instruments Regulation (MiFIR).
• 28 September 2020, ESMA has published its Final Report containing draft regulatory and implementing technical standards on the provision of investment services and activities in the European Union by third-country firms under MiFIR and MiFID II.
• 29 January 2021, ESMA launched a consultation on appropriateness and execution-only under MiFID II.
• 1 February 2021, ESMA launched a common supervisory action with NCAs on MiFIDII product governance rules.
• 5 March 2021, the EBA has published its final draft Implementing Technical Standards on the supervisory reporting and disclosures of investment firms.

Level 3

• 6 August 2018, ESMA updated the transitional transparency calculations for MiFID II/MiFIR.On 21 September 2018, ESMA published an opinion on MiFID RTS 1 amendments.
• 1 October 2018, ESMA sent a letter to the Commission on MiFID II and MiFIR third-country regimes.
• 3 October 2018, ESMA announced a withdrawal of MiFID guidelines on systems and controls in an automated trading environment for trading platforms, investments firms and competent authorities.
• 6 November 2018, ESMA published translated guidelines on MiFID II suitability requirements.
• 21 December 2018, ESMA published amended guidelines on the application of C6 and C7 of Annex 1 of MiFID II.
• 23 January 2019, ESMA published six opinions on positions limits regarding commodity derivatives under MiFID II/MIFIR.
• 27 March 2019, ESMA updated the Q&A on MIFID II and MiFIR commodity derivatives topics.
• 27 March 2019, ESMA wrote a letter to the Commission on MiFID II and MiFIR review reports.
• 5 June 2019, ESMA published the official translations of its guidelines on the application of C6 and C7 of Annex 1 of MiFID II.
• 20 June 2019, ESMA published three opinions on position limits regarding commodity derivatives under MiFID II/MIFIR.
• 7 August 2019, ESMA published the guidelines compliance table comprising competent authorities that comply or intend to comply with ESMA’s guidelines on product governance.
• 20 August 2019, ESMA published a list of contact points of national supervisory authorities for communication in the MiFID II framework on supervisory cooperation, authorisation, acquisitions and passporting.
• 5 September 2019, ESMA published the compliance table for national competent authorities that comply or intend to comply with ESMA's Guidelines on the application of C6 and C7 of Annex I of MiFID II.
• 24 September 2019, ESMA published two opinions on position limits regarding commodity derivatives under MiFID II/MIFIR.
• 27 September 2019, ESMA published the guidelines on MiFID II product governance requirements. It contains the list of competent authorities that comply or intend to comply with ESMA guidelines on product governance.
• 2 October 2019, ESMA updated the Q&As regarding transparency and market structures issues under MiFID II/MiFIR.
• 3 October 2019, ESMA updated the Q&A on the implementation of investor protection and intermediaries topics under MiFID II / MiFIR.
• 4 October 2019, ESMA published an opinion on frequent batch auctions (FBAs) and the double volume cap mechanism.
• 7 October 2019, ESMA updated the Q&A on data reporting under MiFIR.
• 6 November 2019, ESMA published the advice delivered by the Securities and Markets Stakeholder Group on the ESMA’s consultation paper on draft guidelines on certain aspects of the MiFID II compliance function.
• 8 November 2019, ESMA updated its public register with the latest set of double volume cap (DVC) data and calculations under MiFID II.
• 8 November 2019, ESMA made available new data for bonds subject to the pre- and post-trade requirements of the MiFID II and MiFIR through its data register.
• 8 November 2019, ESMA published data for the systematic internaliser (SI) calculations for equity, equity-like instruments and bonds under the MiFID II and MiFIR.
• 3 December 2019, ESMA updated its Q&A on the implementation of investor protection topics under MiFID II/MiFIR.
• 6 December 2019, ESMA updated its Q&A on data reporting under MiFIR.
• On 6 December 2019, ESMA updated its Q&A regarding market structures and transparency issues under MiFID II and MiFIR.
• 20 December 2019, ESMA published a list of contact points of national supervisory authorities for communication in the MiFID II framework on supervisory cooperation, authorisation, acquisitions and passporting.
• 9 January 2020, ESMA updated its public register with the latest set of double volume cap (DVC) data under MiFID II.
• 7 February 2020, ESMA published seven opinions on position limits regarding commodity derivatives under MiFID II and MiFIR.
• 7 February 2020, ESMA updated its public register with the latest set of double volume cap data under MiFID II.
• 11 February 2020, ESMA published the guidelines compliance table comprising competent authorities that comply or intend to comply with ESMA’s guidelines on product governance.
• 18 February 2020, ESMA updated its Q&A on the implementation of investor protection and intermediaries’ topics under MiFID II/MiFIR, including new answers on MiFID practices for firms selling financial instruments subject to the BRRD resolution regime.
• 28 February 2020, ESMA made available the results of the annual transparency calculations for equity and equity-like instruments under MiFID II and MiFIR applicable from 1 April 2020.
• 9 March 2020, ESMA published a list of competent authorities that have informed ESMA that they comply, do not comply or intend to comply with the ESMA’s guidelines on cross-selling practices under MiFIR.
• 10 March 2020, ESMA published a list of competent authorities that have informed ESMA that they comply, do not comply or intend to comply with the ESMA’s guidelines on complex debt instruments and structured deposits under MiFID II.
• 20 March 2020, ESMA published a statement to clarify issues regarding the application by firms of the MiFID II requirements on the recording of telephone conversations. (Covid-19).
• 20 March 2020, ESMA published a statement to ensure that national competent authorities (NCAs) undertake coordinated supervisory actions on the application of the new tick-size regime for systematic internalisers under MiFIR and the Investment Firms Regulation (IFR). (Covid-19).
• 27 March 2020, ESMA decided to keep the date of application of the transparency calculations for equity instruments of 1st April 2020 unchanged.
• 31 March 2020, ESMA published a statement to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II. (Covid-19)
• 9 April 2020, ESMA published a public statement postponing the application of the annual non-equity transparency calculations and the calculations for the systematic internaliser test for derivatives, ETCs, ETNs, emission allowances and structured finance products (SFPs) under MiFID II.
• 6 May 2020, ESMA published a public statement on the risks for retail investors when trading under the highly uncertain market circumstances due to the Covid-19 pandemic.
• 28 May 2020, ESMA updated its Q&As on the implementation of investor protection topics under MiFID II/ MiFIR.
• 29 May 2020, ESMA updated its Q&As regarding market structures and transparency issues under the MiFID II and MiFIR.
• 5 June 2020, ESMA published guidelines on the compliance function under MiFID II.
• 11 June 2020, ESMA issued a public statement to clarify the application of the MiFIR open access provisions (OAP) for trading venues (TVs) and central counterparties (CCPs).
• 7 July 2020, ESMA made available the updated results of the annual transparency calculations for a limited number of equity and equity-like instruments.
• 7 July 2020, ESMA updated the list of trading venues which have a temporary exemption from the open access provisions under MiFIR.
• 8 July 2020, ESMA updated its public register with the latest set of double volume cap (DVC) data under MiFID II.
• 8 July 2020, ESMA updated its Q&As regarding transparency issues under MiFID II and MiFIR.
• 8 July 2020, ESMA updated its Q&As on data reporting under MiFIR.
• 16 July 2020, ESMA made available the results of the annual transparency calculations for non-equity instruments, which will apply from 15th September 2020 until 31st March 2021.
• 17 July 2020, ESMA published an opinion providing guidance on pre-trade transparency waivers for equity and non-equity instruments.
• 1 September 2020, ESMA has published a call for evidence in the context of its intention to review (RTS 1) and (RTS 2).
• 7 September 2020, ESMA updated its public register with the latest set of double volume cap (DVC) data under (MiFID II).
• 28 September 2020, ESMA updated its Questions and Answers document on data reporting under the Market in Financial Instruments Regulation (MiFIR).
• 6 November 2020, ESMA published a Q&A on the implementation of investor protection topics under MiFID II/ MiFIR.
• 8 December 2020, ESMA has updated its public register with the latest set of double volume cap data under the Markets in Financial Instruments Directive (MiFID II).
• 21 December 2020, ESMA published an updated Q&A on MIFID II/MIFIR.
• 23 December 2020, ESMA published an opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments.
• 13 January 2021, ESMA published two opinions on position limits regarding commodity derivatives under MiFID II/MIFIR.
• 27 January 2021, ESMA published a report on resources and staffing needed to apply new rules for third-country firms under MIFIR.
• 3 February 2021, ESMA published a Q&A on MiFID II and MIFIR.
• 24 February 2021, the EBA launched a consultation on draft technical standards to improve supervisory cooperation for investment firms.
• 24 February 2021, ESMA published a report on waivers and deferrals for non-equity instruments under MiFIR.
• 8 March 2021, ESMA has updated its public register with the latest set of double volume cap (DVC) data under MiFID II.

Next steps

• Following the consultation which closed on 18 May 2020, the European Commission is preparing a review of the framework for Q4 2020. In the meantime, as part of the Covid-19 recovery efforts, the Commission tabled a proposal on 24 July 2020.

State of play: review work started in the Commission

Level 1

Commission

• 10 June 2020, the Commission published its scheduled report on the functioning of the directive.
• 22 October 2020, the Commission launched a public consultation on the review of AIFMD.
• 11 December 2020, the Commission published a roadmap consultation on the review of AIFMD.

Next steps

• A legislative proposal is expected in Q4 2021.

State of play: on 12 December, the Regulation was published in the Official Journal (L 322/1)

Level 1

Commission

• 13 June 2017, the proposal for a regulation was published.
• 20 September 2017, the Commission published a modified legislative proposal, as part of the wider package to reform the European system of financial supervision (ESAs review).

Council

• 27 November 2018, the Council adopted its negotiating position.
• 15 October 2019, the Council of the EU adopted revised rules for central counterparties in the single market.
• 15 October 2019, the Council adopted the regulation regarding the procedures and authorities involved for the authorization of CCPs and requirements for the recognition of third-country CCPs.

Parliament

• 31 January 2018, the ECON Committee presented its draft report on the proposal.
• 16 May 2018, the ECON Committee adopted the report and approved the negotiations mandate.
• 18 April 2019, the Parliament adopted the text in plenary.

Trilogue negotiations

• 13 March 2019, the Parliament and the Council reached a political agreement on the proposal.
• 1 April 2019, the ECON Committee approved the agreed text.

State of play:  on 12 July 2019, the Regulation and the Directive were published in the Official Journal (L 188/55)

Level 1

Commission

• 12 March 2018, the Commission published a proposal on the cross-border distribution of investment funds.

Council

• 15 June 2018, the Council agreed on a general approach on the cross-border distribution of investment funds and approved the negotiations mandate.
• 20 June 2019, the Council formally adopted the texts.

Parliament

• 18 September 2018, the ECON Committee published a draft report on the regulation on CBDF.
• 2 October 2018, the ECON Committee published a draft report on the directive on CBDF.
• 25 October 2018, the ECON Committee published the amendments tabled on the proposal for a regulation and the amendments tabled on the proposal for a directive.
• 6 December 2018, the ECON Committee voted on the report for the CBDF regulation and on the report for the CBDF directive.

Trilogue negotiations

• 5 February 2019, the Parliament and the Council reached an agreement on CBDF.
• 4 March 2019, the ECON Committee confirms the agreement.
• 16 April 2019, the Parliament adopted the trilogue agreement in plenary.

Level 2

• 24 March 2017, the Commission published a report on barriers to capital flow

Level 3

• 31 March 2020, ESMA launched a consultation on the standard forms, templates, and procedures that national competent authorities (NCAs) should use to publish information on their websites to facilitate cross-border distribution of funds.
• 1 February 2021, ESMA published a report on ITS under the regulation on cross-border distribution of funds.

State of play: on 23 December 2015, the Regulation was published in the Official Journal (L 337/1).

Level 1

Commission

• 29 January 2014, the proposal was published.

Parliament

• 24 March 2015, the ECON Committee adopted its report and the negotiations mandate.
• 16 July 2015, the ECON Committee approved the agreed text from trilogue negotiations.
• 29 October 2015, the Parliament adopted the agreed text in plenary.

Council

• 16 November 2015, the Council formally adopted the agreed text.

Level 2

• 20 April 2017, ESMA published a final report on its technical advice to the Commission on fees to trade repositories (TRs) under SFTR and on certain amendments to fees to TRs under EMIR.
• 12 November 2018, ESMA published a final report on its technical advice to the Commission on fees for securitisation repositories under the Securitisation Regulation.
• 13 November 2018, ESMA published a set of items which provide standards and guidance for securitisation repositories under the Securitisation Regulation.
• 13 December 2018, the Commission adopted a package of new measures under SFTR.
• 31 July 2019, ESMA published the responses to the consultation on draft guidelines for the reporting under SFTR.
• 31 October 2019, ESMA published further technical details for the reporting of Securities Financing Transactions (SFTs) as required under the SFT Regulation (SFTR). The publication includes validation rules applicable to SFTR reports as well as the XML schemas reporting entities should use.
• 20 December 2019, ESMA published updated ISO 20022 XML Schemas to be used for reporting under the SFTR.
• 20 December 2019, ESMA updated the reporting instructions and XML schema for the templates set out in the technical standards on disclosure requirements.

Level 3

• 19 October 2017, the Commission published a report to the Council outlining the impact on the SFTR.
• 5 September 2018, ESMA published an opinion in response to the Commission’s proposed amendments of technical standards on reporting under SFTR.
• 20 June 2019, ESMA held an open hearing on its consultation paper on guidelines for reporting under articles 4 and 12 of the SFTR.
• 6 January 2020, ESMA published a series of documents on Securities Financing Transactions Regulation: a report, guidelines on reporting under the SFTR, amended SFTR validation rules and a statement on Legal Entity Identifiers (LEI).
• 17 January 2020, ESMA launched a consultation on guidelines on securitisation repository data completeness and consistency thresholds.
• 19 March 2020, ESMA published a statement to ensure coordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR), in particular, on the requirements regarding the reporting start date, as well as the registration of Trade Repositories (TRs). (Covid-19).
• 6 May 2020, ESMA approved the extension of registrations of four trade repositories (TRs) to include securities financing transactions (SFT) reporting under SFTR.
• 9 July 2020, ESMA launched a consultation on draft guidelines on the calculation of positions by Trade Repositories (TRs) under the SFTR.
• 10 July 2020, ESMA published its final report on draft guidelines on securitisation repository data completeness and consistency thresholds.
• 5 November 2020, ESMA published a Q&A on SFTR data reporting.
• 28 January 2021, ESMA published a Q&A update on SFTR.

The European Commission has tabled a quick fix proposal as part of the capital markets recovery package on 24 July 2020.

Next steps

Discussions in the European Parliament are ongoing. Council has a position since end October 2020.

State of play: on 9 December 2014, the Regulation was published in the Official Journal (L 352/1), on 23 December 2016, the amended Regulation was published (L 354/35)

• Link to ESAs Joint Committee PRIIPS Documents

Level 2

• 10 November 2016, the Commission sent a letter to the ESAs on the proposed amendments to the draft RTS.
• 10 February 2017, the ESAs launched a consultation on PRIIPs products with environmental or social objectives (EOS PRIIPs).
• 8 March 2017, the Commission adopted a delegated regulation on key information documents (KID) for PRIIPs laying down regulatory technical standards.
• 8 February 2019, the ESAs published the final report following the joint consultation on targeted amendments to the delegated regulation covering the rules on KID for PRIIPs.
• 8 March 2019, the ESAs submitted to the Commission the draft RTS to amend the delegated regulation covering the rules on KID for PRIIPs.
• 26 March 2019, the Commission opened a call for tender on “Consumer testing services – Retail investors’ preferred option regarding performances scenarios and past performance information within the KID under the PRIIPs framework”.
• 23 May 2019, the ESAs proposed performance scenarios options for consumer testing under the Level 2 Review of the PRIIPs KID.
• 7 June 2019, the Commission replied to the ESAs call of 19 July 2018 to clarify the scope of PRIIPs regulation.
• 30 July 2019, the ESAs responded to the Commission on the exclusion of performance scenarios options to be tested during a consumer testing exercise conducted by the Commission under the Level 2 of the PRIIPs Regulation.
• 16 October 2019, the ESAs launched a consultation on amendments to existing rules underpinning the KID for PRIIPs.
• 21 January 2020, ESMA published the responses received to the joint consultation paper concerning amendments to the PRIIPs KID.
• 21 January 2020, ESMA published the response of the Securities and Market Stakeholder Group to the ESAs joint consultation on the review of the PRIIPs KID.
• 21 July 2020, the ESAs notified the European Commission about the outcome of the KID PRIIPs review.

Level 3

• 1 October 2018, ESMA sent a letter to the Commission expressing the concerns regarding the possibility of duplicating information requirements for investment fund from 1 January 2020.
• 19 July 2018, the ESAs published the flow diagram for the risk and reward calculations in the PRIIPs KID.
• 8 February 2019, EIOPA published recommendations on changes to the PRIIPs KID.
• 4 April 2019, the ESAs updated the Q&A on the PRIIPs KID.
• 24 October 2019, the ESAs issued a supervisory statement in order to promote a consistent application by NCAs of the scope of the Regulation.
• 4 February 2021, the ESAs have sent a letter to the EC regarding PRIIPs’ regulatory technical standards with PRIIPs draft RTSs.
• 4 February 2021, the ESAs have published a draft final report on draft RTS to amend PRIIPs KID.

Next steps

• A review of PRIIPs review was scheduled for the end of 2018, but it has been postponed by the Commission. As a consequence, the CBDF file has been used to introduce changes: UCITS KIID exemption extended for two years.
• In July 2020, the ESAs could not agree on draft RTS sent a letter to the Commission informing them about it and suggesting a Level 1 review.
• A review at Level 1 is still unclear as to the exact date and scope.