Sun. Feb 23rd, 2020

Planet Compliance

Innovation & Regulation in Finance

ESMA responds to Commission rejection of MiFID RTS

2 min read

The European Securities and Markets Authority (ESMA) has written to the European Commission regarding its draft RTS on MiFID II.

ESMA has published the three letters it has sent separately to the Commission regarding the suggested amendments of the Regulatory Technical Standards on the subjects of Position Limits, Ancillary Activity and Non-Equity Transparency. Each letter sets out ESMA intention to move forward on the basis of the assumptions that the Commission letter is formal notification, as per Article 10 (1) subparagraph 6 of Regulation (EU) 1095/2010, of the intention of the European Commission to endorse the abovementioned draft RTS with amendments, and the letter contains all the changes that the Commission intends to adopt in the draft RTS and there are no other elements in the content of the draft RTS that the Commission intends to amend. Subject to receiving no objection on behalf of the Commmission, ESMA aims to immediately start its work on an ESMA Opinion on the Commission’s proposed amendments,

Last week, the European Commission had rejected certain parts of the European Securities and Markets Authority’s (ESMA) proposal for Regulatory Technical Standards ESMA had submitted in its final report to the European Commission on 28 September 2015 (2015-ESMA-1464 – see related post here).

The ESMA statement and links to the three letters can be found here.

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