MiFID and MiFIR

Published 06.04.2020

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.

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).
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