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Level 2 texts - Consultations, reports, delegated acts, RTS and ITS

This page contains Level 2 texts - Consultations, reports, delegated acts, RTS and ITS

Key contacts

Commission Delegated Regulations

Commission Delegated Regulation C(2017) 7684 final – Regulatory technical standards on the trading obligation for certain derivatives – 17 November 2017

Commission Delegated Regulation C(2017) 3890 - Exemption of certain third country countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements - 12 June 2017

Commission Delegated Regulation C(2016) 4362 DR34 (RTS21) - Application of position limits to commodity derivatives - 01 December 2016

Commission Delegated Regulation C(2016) 7643 DR33 (RTS20) - Criteria to establish when an activity is considered to be ancillary to the main business - 01 December 2016

Commission Delegated Regulation 28/07/16 DR32 (RTS22) - Reporting of transactions to competent authorities - 28 July 2016

Commission Delegated Regulation C(2016) 4407 DR31 (RTS Registration) - Registration of third country firms - 14 July 2016

Commission Delegated Regulation C(2016) 4415 DR30 (RTS Cooperation) - Cooperation between authorities - 14 July 2016

Commission Delegated Regulation C(2016) 4301 DR29 (RTS2) - Transparency requirements for trading venues & investment firms in respect of bonds, structured finance products, emission allowances and derivatives - 14 July 2016

Commission Delegated Regulation C(2016) 4390 DR28 (RTS1) - Transparency requirements for trading venues & investment firms in respect of shares, depositary receipts, ETFs certificates and other similar financial instruments - 14 July 2016

Commission Delegated Regulation C(2016) 4478 DR27 (RTS6) - Specifying the organisational requirements of investment firms engaged in algorithmic trading - 19 July 2016

Commission Delegated Regulation C(2016) 4405 DR26 (RTS23) - Supply of financial instruments reference data - 14 July 2016

Commission Delegated Regulation C(2016) 4387 DR25 (RTS7) - Specifying organisational requirements of trading venues - 14 July 2016

Commission Delegated Regulation C(2016) 4389 DR24 (RTS11) - Tick size regime for shares, depositary receipts and exchange traded funds - 14 July 2016

Commission Delegated Regulation C(2016) 4417 DR23 (RTS Authorisation) - Authorisation - 14 July 2016

Commission Delegated Regulation C(2016) 3944 DR22 (RTS26) - Specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing (STP) - 29 June 2016

Commission Delegated Regulation C(2016) 3917 DR21 (RTS Passporting) - Passporting - 29 June 2016

Commission Delegated Regulation C(2016) 3807 DR20 (RTS15) - Clearing access in respect of trading venues and central counterparties - 24 June 2016

Commission Delegated Regulation C(2016) 3821 DR19 (RTS24) - Maintenance of relevant data relating to orders in financial instruments - 24 June 2016

Commission Delegated Regulation C(2016) 3523 DR18 (RTS8) - Specifying the requirements on market making agreements and schemes - 13 June 2016

Commission Delegated Regulation C(2016) 2711 DR17 (RTS3) - The volume cap mechanism and the provision of information for the purposes of transparency & other calculations - 13 June 2016

Commission Delegated Regulation C(2016) 3544 DR16 (RTS5) - Direct, substantial and foreseeable effect of derivative contracts within the Union - 13 June 2016

Commission Delegated Regulation C(2016) 3337/3 DR15 (RTS28) - Annual publication of investment firms of information on the identity of execution venues and on the quality of execution - 08 June 2016

Commission Delegated Regulation C(2016) 3333/4 DR14 (RTS27) - Data to be provided by execution venues on the quality of execution of transactions - 08 June 2016

Commission Delegated Regulation C(2016) 3316 DR13 (RTS25) - Level of accuracy of business clocks - 07 June 2016

Commission Delegated Regulation C(2016) 3266 DR12 (RTS10) - Requirements to ensure fair and non-discriminatory co-location services and fee structures - 06 June 2016

Commission Delegated Regulation C(2016) 3206 DR11 (RTS14) - Specification of the offering of pre and post-trade data and the level of disaggregation of data - 02 June 2016

Commission Delegated Regulation C(2016) 3203 DR10 (RTS16) - Access in respect of benchmarks - 02 June 2016

Commission Delegated Regulation C(2016) 3201 DR9 (RTS13) - Authorisation, organisational requirements and the publication of transactions for data reporting services providers - 02 June 2016

Commission Delegated Regulation C(2016) 3020 DR7 (RTS12) - Determination of a material market in terms of liquidity relating to halt notifications - 26 May 2016

Commission Delegated Regulation C(2016) 2710 DR6 (RTS4) - Criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation - 26 May 2016

Commission Delegated Regulation C(2016) 3017 DR5 (RTS17) - Admission of financial instruments to trading on regulated markets - 24 May 2016

Commission Delegated Regulation C(2016) 3014 DR4 (RTS18) - Suspension and removal of financial instruments from trading reporting service providers - 24 May 2016

Commission Delegated Regulation C(2016) 2860 DR3 (RTS) - Definitions, transparency, portfolio compression and supervisory measures on product intervention and positions - 18 May 2016

Commission Delegated Regulation C(2016) 2775 DR2 ( RTS9) - The ratio of unexecuted orders to transactions - 18 May 2016

Commission Delegated Regulation C(2016) 2398 (DR1) - Organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive - 25 April 2016

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Commission Delegated Directive
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Commission Delegated Regulation C(2016) 2398 DA1 - Safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits - 07 April 2017

ESMA Discussion Papers

ESMA Discussion Paper (DP) 2014/548 - MiFID2/ MiFIR - 22 May 2014

ESMA Discussion Paper (DP2) 2016/1389 - The trading obligation for derivatives under MiFIR - 20 September 2016

ESMA Consultation Papers

PRA consultation paper (CP5/18) on proposed expectations regarding a firm’s governance and risk management of algorithmic trading 12 February 2018

ESMA Consultation Paper - Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) – 09 November 2017

ESMA Consultation Paper (CP15) ESMA70-156-71 - Consultation Paper on the trading obligation for derivatives under MiFIR - 19 June 2017

ESMA Consultation Paper (CP14) 2016/1562 - Draft RTS on package orders for which there is a liquid market - 10 November 2016

EBA/ESMA joint consultation paper (CP13) EBA/CP/2016/17 - The assessment of the suitability of the members of management body and key function holders under CRD IV and MiFID2 - 28 October 2016

ESMA Consultation Paper (CP12) 2016/1440 - Guidelines on the calibration, publication and reporting of trading halts - 06 October 2016

ESMA Consultation Paper (CP11) 2016/1437 - Guidelines on specific notions under MiFID II related to the management body of market operators and data reporting services providers - 05 October 2016

ESMA Consultation Paper (CP10) 2016/1436 - Draft guidelines on MiFID2 product governance requirements - 05 October 2016

ESMA Consultation Paper (CP9) 2016/1422 - RTS specifying the scope of the consolidated tape for non-equity financial instruments - 03 October 2016

ESMA Consultation Paper (CP8) 2015/1909 - Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation - 23 December 2015

ESMA Consultation Paper (CP7) 2015/1628 - Indirect clearing arrangements under EMIR and MiFIR - 05 November 2015

ESMA Consultation Paper (CP6) 2015/1301 - Draft implementing technical standards under MiFID2 - 21 August 2015

ESMA Consultation Paper (CP5) 2015/753 - Draft guidelines for the assessment of knowledge and competence - 23 April 2015

ESMA Consultation Paper (CP4) 2015/610 - Draft guidelines on complex debt instruments and structured deposits - 24 March 2015

ESMA Addendum Consultation Paper (CP3) 2015/319 - MiFID2/ MiFIR - 18 February 2015

ESMA Consultation Paper (CP2) 2014/1570 - MiFID2/ MiFIR - 19 December 2014

ESMA Consultation Paper (CP1) 2014/549 - MiFID2/ MiFIR - 22 May 2014

ESMA Final Reports

Final Report 70-156-227 - Draft RTS on the trading obligation for derivatives under MiFIR – 28 September 2017

Final Report EBA/GL/2017/12/ESMA71-99-598 - Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under CRDIV and MiFID2 – 26 September 2017

Final Report 35-43-620 (FR15) - Guidelines on MiFID2 product governance requirements - 02 June 2017

Final Report 2017/70 (FR14) - Draft revised RTS specifying the scope of the consolidated tape (CT) for non-equity financial instruments - 31 March 2017

Final Report 70-872942901-21 (FR13) -  Draft RTS on package orders for which there is a liquid market - 28 February 2017

Final Report 2016/1451 (FR10) - Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID2 - 10 October 2016

ESMA Final report (FR9) - on draft RTS on indirect clearing under MiFIR and EMIR - 26 May 2016

ESMA Final Report (FR8) 2016 653 - Amendment of ESMA draft RTS on reporting obligations under Article 26 of MiFIR May 2016

ESMA Final Report (FR5) 2015 1858 - Draft implementing technical standards under MiFID2 - December 2015

ESMA Final Report (FR3) 2015 1464 - Draft Regulatory and Implementing technical standards MiFID2 MiFIR - September 2015

ESMA Final Report (FR2) 2015 1006 - MiFID2 MiFIR draft technical standards on authorisation, passporting - June 2015

ESMA Final Report (FR) 2014 1569 - ESMA's technical advice to the Commission on MiFID2 and MiFIR - December 2014

Other

Corrigendum to Commission Implementing Regulation (EU) 2017/2382 of 14 December 2017 laying down implementing technical standards with regard to standard forms, templates and procedures for the transmission of information in accordance with MiFID2, has been published in the Official Journal 07 February 2018

On 14 December, Commission Implementing Regulation (EU) 2017/2382, laying down ITS with regard to standard forms, templates and procedures for the transmission of information in accordance with MiFID2, was published in the Official Journal. Entry into force was 21 December 2017.

On 17 January 2018, Commission Delegated Regulation (EU) 2018/63, amending Commission Delegated Regulation (EU) 2017/571 supplementing MiFID2 with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services, was published in the Official Journal. Entry into force will be 06 February 2018.

Commission Implementing Regulation (EU) 2017/1110 (ITS3) - laying down implementing technical standards with regard to the standard forms, templates and procedures for the authorisation of data reporting services providers and related notifications pursuant to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments - 22 June 2017

Commission Implementing Regulation (EU) 2017/1093 (ITS4) - laying down implementing technical standards with regard to the format of position reports by investment firms and market operators - 21 June 2017

FIA Response to FCA Consultation Paper on MiFID 11 Implementation (July 2016) - 09 November 2016

ICMA Briefing Notes - April 2017

ICMA Briefing Note on ESMA Q&A on MiFID2/R investor protection (research)
ICMA Briefing Note on ESMA Q&A on MiFID2/R transparency topics (post-trade reporting obligation)
ICMA Briefing Note on ECMI-CEPS roundtable on MiFID2/R transparency for non-equity markets
ICMA Briefing Note on ESMA Q&A on MiFID2/R Organised Trading Facilities (OTF) and Systematic Internalisers (SI) ICMA MiFID2 Systematic Internaliser Workshops: summary report
ICMA Briefing Note on ESMA Q&A on MiFID2 Best Execution
Updated MiFID2/R and Repo Q&A
MiFID2 implementation: the Systematic Internaliser regime

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.

Key contacts

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