MiFID Review Process – Finance and Banking


Ireland:

MiFID Review Process


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We published a
guide to MiFID in Ireland
in December 2019. There are various
initiatives underway to revise MiFID and MiFIR; in particular, both
the European Securities and Markets Authority (“ESMA”)
and the European Commission (“EC”) have recently
published consultations on MiFID/MiFIR.

ESMA

ESMA published its first
MiFID II/MiFIR review report
in December 2019. The report
covered the development in prices for pre- and post- trade market
data and the consolidated tape (electronic system combining sales
volume and price data from exchanges and dealers) for equity
instruments.

ESMA has recently published consultations on other aspects of
MiFID II/MiFIR:

ESMA will be providing advice to the EC on other aspects of
MiFID II/MiFIR, with the last report due in January 2022, including
in relation to the transparency regime for non-equity instruments,
transaction reporting, algorithmic trading, the trading obligation
for derivatives, SME growth markets and the functioning of
organised trading facilities.

EC

The EC has launched a
public consultation
on the review of MiFID II/MIFIR, employing
a questionnaire format divided into two main sections. The first
section covers general questions on the overall functioning of
MiFID II/MiFIR, while the second section covers specific questions
on “priority” and “non-priority”
topics.

The priority topics listed are the following:

  • Establishing an EU consolidated
    tape

  • Investor protection

  • Research unbundling and SME research
    coverage

  • Commodities markets

The non-priority topics are the following:

  • Derivatives trading obligation

  • Multilateral systems

  • Double volume cap

  • Non-discriminatory access to
    clearing

  • Digitisation and new
    technologies

  • FX markets

The deadline for responses is 20 April 2020, and the Commission
intends to publish legislative proposals in the second half of this
year.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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