Consultation on MiFIR Review Package (non-equity trade transparency, reasonable commercial basis and reference data)

Responding to this paper 

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

• respond to the question stated;
• indicate the specific question to which the comment relates;
• contain a clear rationale; and
• describe any alternatives ESMA should consider.

ESMA will consider all comments received by 28 August 2024 

All contributions should be submitted online using the response form available below. 

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found under the heading ‘Legal Notice and Data protection’.

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 firms that are subject to MiFIR and MiFID –in particular, trading venues, designated publishing entities and investment firms. 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 for which the MiFIR and MiFID requirements are of relevance.