Consultation on MiFID II/MiFIR

Consultation on MiFID II/MiFIR

from 19 December 2014 to 02 March 2015


Who should read this paper?
This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments.
Responding to this paper
The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper.
Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below.
a)    InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags.
b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT:
e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1
c)    Content of the responses
Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider.
Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience.
d)    Deadline
Responses must reach us by 2 March 2015.
All contributions should be submitted online at under the heading ‘Your input/Consultations’.
Publication of responses
All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman.
Data protection
Information on data protection can be found at under the headings ‘Legal notice’ and ‘Data protection’.

Documents available for this Consultation
19/12/20142014/1570 Annex BConsultation paper on MiFID II/MiFIR - Annex B
22/12/20142014/1570 Annex AConsultation Paper – Annex A - High level cost-benefit-analysis draft technical standards (MiFID/MiFIR)
19/12/20142014/1570Consultation paper on MiFID II/MiFIR - part 1


Activity Institution Download
Federation of European Securities Exchanges
Aquis Exchange
London Stock Exchange Group plc
Liquidnet Europe Limited
The International Securities Lending Association
FIA Associations
Bayerngas GmbH
IETA, International Emissions Trading Association
Deutsche Börse Group
CME Group Inc.
BNY Mellon
ICI Global
Bloomberg L.P.
The Bratislava Stock Exchange
CFA Institute
Asset Management Fidelity Worldwise Investment
Asset Management Dimensional Fund Advisors Ltd.
Asset Management Amundi
Asset Management Schroders
Asset Management SIFMA - Asset Management Group
Asset Management BlackRock
Asset Management EFAMA
Asset Management Managed Funds Association
Asset Management PGGM
Asset Management AFG
Asset Management Union Asset Management Holding AG
Banking UniCredit Bank AG
Banking UBS AG
Banking BNP Paribas
Banking AFTI - Association française des Professionnels des Titres
Banking National Association of German Cooperative Banks
Banking European Banking Federation
Banking Partner Bank AG
Banking WKO
Banking German Banking Industry Committee
Banking DACSI
Banking KBC Bank
Banking British Bankers' Association
Banking DDV - German Derivatives Association
Banking The Association of Danish Mortgage Banks and The Danish Mortgage Banks’ Federation
Banking European Association of Public Banks
Banking Association for Financial Markets in Europe
Banking International Swaps and Derivatives Association
Banking European Savings and Retail Banking Group
Banking Barclays Bank PLC
Banking GFMA CWG – Global Financial Market Association, Commodities Working Group
Banking European Association of Co-operative Banks
Banking CACEIS
Banking Dutch Banking Association
Credit Rating Agencies Société Générale
Government, Regulatory and Enforcement ANACOFI
Government, Regulatory and Enforcement Council of European Energy Regulators
Government, Regulatory and Enforcement Financial and Capital Market Commission
Individuals HEAG Südhessische Energie AG
Investment Services ANASF - Associazione nazionale promotori finanziari
Investment Services The Investment Association
Investment Services Investment Technology Group Limited
Investment Services Danish Securities Dealers Association
Investment Services FECIF - European Federation of Financial Advisers and Financial Intermediaries
Investment Services Institute of Chartered Secretaries and Administrators
Investment Services Nordic Securities Association
Investment Services Deutsche Bank AG
Investment Services AMAFI
Investment Services bwf - Bundesverband der Wertpapierfirmen e.V.
Investment Services BVI
Investment Services Winterflood Securities Limited
Investment Services ASSOSIM - Italian Association of Financial Intermediaries
Investment Services State Street Corporation
Issuers Quoted Companies Alliance
Issuers Deutsches Aktieninstitut
Legal and Accountancy EFET
Sovereign Issuers Swedish National Debt Office (SNDO)
Others FIX Trading Community
Others European Central Counterparty N.V.
Others Energie-Nederland, Association for energy companies in the NL
Others Markit
Others Finnish Energy Industries
Others Commodity Markets Council - Europe
Others Statoil ASA
Others Norges Bank
Others TraderServe Limited
Others Enel Group
Others Futures Industry Association
Others CEDEC - European Federation of Local Energy Companies
Others Rights Management Associates Ltd
Others Euroclear SA/NV
Others Index Industry Association
Others EVCA - European Private Equity and Venture Capital Association
Others Fortum Power and Heat Oy
Others ConocoPhillips
Others FEDIOL - The EU Vegetable Oil and Proteinmeal Industry
Others Agder Energi AS
Others Integrated Financial Arrangements plc
Others CEFS Comité Européen des Fabricants de Sucre
Others Energy UK
Others LiquidMetrix
Others Fidessa
Others SOMO
Others Wealth Management Association
Others Shell Trading and Supply
Others National Association of British and Irish Millers
Others National Farmers' Union of England and Wales
Others McGraw Hill Financial
Others AEM - Portuguese Issuers Association
Others Thomson Reuters
Others International Association of Oil and Gas Producers
Others ANNA (the “Association of National Numbering Agencies”)
Others European Association of Corporate Treasurers
Others Object Management Group
Others International Capital Market Association (ICMA)
Others EFET European Federation of Energy Traders
Others SWIFT
Others COOP de France - Métiers du Grain
Others EDF Trading Limited
Others swisselectric
Others Maltsters' Association of Great Britain (MAGB)
Others Alternative Investment Management Association (AIMA)
Others STSA - Swiss Trading and Shipping Association
Others SSE Energy Supply Limited
Others The Baltic Exchange Ltd
Others Rederiaksjeselskap Torvald Klaveness
Others Agricultural Industries Confederation Ltd
Others WEED - World Economy, Ecology & Development
Others Citadel LLC
Others KfW
Others Swedenergy, Swedish Electricity Industry Association
Others BDEW German Association for Energy and Water Industries e.V.
Others AIGET - The Italian Association of Energy Traders & Suppliers
Others Norwegian Shipowners' Association (NSA)
Others Oesterreichs Energie Association of Austrian Electricity Companies
Others Verband kommunaler Unternehmen (VKU) - Association of local utilities
Others Finance Watch
Others A2A Trading srl
Others MSCI
Others Siemens AG
Others FIA Europe
Others The Grain and Feed Trade Association (Gafta)
Others Better Finance, the European Federation of Financial Services Users
Others Actuarial Association of Europe
Others Vattenfall
Others European Association of CCP Clearing Houses (EACH)
Others FEFAC
Insurance, pension & asset management Insight Investment
Government regulatory & enforcement National Physical Laboratory
Regulated markets, exchanges & trading systems BME - Bolsas y Mercados Españoles
Regulated markets, exchanges & trading systems WMBA
Regulated markets, exchanges & trading systems Europex
Regulated markets, exchanges & trading systems EUROPEX
Regulated markets, exchanges & trading systems BATS Chi-X Europe
Regulated markets, exchanges & trading systems Irish Stock Exchange
Regulated markets, exchanges & trading systems EURONEXT
Regulated markets, exchanges & trading systems Vienna Stock Exchange
Regulated markets, exchanges & trading systems Boerse Stuttgart
Regulated markets, exchanges & trading systems Prague Stock Exchange
Regulated markets, exchanges & trading systems Budapest Stock Exchange Ltd
Regulated markets, exchanges & trading systems Börse München
Regulated markets, exchanges & trading systems ICE Group