Consultation Paper on MiFID II/MiFIR

Consultation Paper on MiFID II/MiFIR

from 22 May 2014 to 01 August 2014

Details

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 and credit institutions performing investment services and activities. 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 use this “form to reply” and save it under the proposed format (please see the proposed file name format below).  
Instructions
Please 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;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.
 
Naming protocol - In 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
 
Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale, including on any related costs and benefits; andiii.    describe any alternatives that ESMA should consider
Given the breadth of issues covered, ESMA expects and encourages respondents to specially answer those questions relevant to their business, interest and experience.
Responses must reach us by 1 August 2014.
All contributions should be submitted online at www.esma.europa.eu 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 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 is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection
Information on data protection can be found at www.esma.europa.eu under the heading ‘Disclaimer’.

1 RELATED DOCUMENTS
Document available for this Consultation
DateReferenceTitleDocument
22/05/20142014/549Consultation Paper on MiFID II/MiFIR

Responses

Operations
Activity Institution Download
Boerse Stuttgart
BNY Mellon
ICI Global
Stadtwerke München GmbH
Quincy Data, LLC
LA COMPAGNIE DES CONSEILS EN GESTION DE PATRIMOINE INDEPENDANTS
Prague Stock Exchange
The Elia Group (Elia-TSO in Belgium + 50HZ-TSO in Germany)
Börse Berlin
CME Group Inc.
Statoil
Federation of German Consumer Organisations
Bloomberg L.P.
Tradeweb Europe Limited
NASDAQ OMX
Wholesale Markets Brokers Association
Vienna Stock Exchange / Wiener Börse AG
European Association of Corporate Treasurers (EACT)
Sutherland Asbill & Brennan LLP on behalf of The Commercial Energy Working Group
BATS Chi-X Europe
Deutsche Börse Group
EURONEXT
Asset Management Rothschild HDF Investment Solutions
Asset Management Groupama Asset Management
Asset Management AllianceBernstein
Asset Management Investment Adviser Association
Asset Management Union Asset Management Holding AG
Asset Management PGGM Investment Management
Asset Management Metzler Asset Management GmbH
Asset Management LA BANQUE POSTALE ASSET MANAGEMENT (LBPAM)
Asset Management VEGA INVESTEMENT MANAGERS
Asset Management SOCIETE GENERALE GESTION
Asset Management Securities Industry and Financial Markets Association
Asset Management CPR AM
Asset Management AFIC
Asset Management ERES
Asset Management uzes gestion
Asset Management ASPIM
Asset Management AFG
Asset Management AMUNDI
Asset Management New City Initiative
Asset Management Financière de l'Echiquier
Asset Management Groupe La Française (LFP, LFIP, LF REM, LF AM GP, LFIS, LF AM FS)
Asset Management ELIGEST
Asset Management BVI
Asset Management LA FINANCIERE TIEPOLO (PARIS)
Asset Management Mandarine Gestion
Asset Management Marathon Asset Management LLP
Asset Management Investment Management Association
Asset Management FOURPOINTS Investment Managers
Asset Management TRUE & FAIR CAMPAIGN
Asset Management Cogefi Gestion
Asset Management PATRIVAL SA
Asset Management FINANCIERE DE L'OXER
Asset Management BlackRock
Asset Management GSD GESTION
Asset Management Baillie Gifford & Co
Asset Management ASSOGESTIONI
Asset Management DNCA FINANCE
Asset Management AIMA
Asset Management REPUBLIC ASSET MANAGEMENT
Asset Management CARMIGNAC GESTION SA
Asset Management Managed Funds Association
Asset Management MCA FINANCE
Asset Management LYXOR ASSET MANAGEMENT
Asset Management Natixis Asset Management
Asset Management EFAMA
Asset Management Rothschild & Cie Gestion
Asset Management Amaika Asset Management
Asset Management AXA Investment Managers
Asset Management Legal & General Investment Management Ltd
Asset Management The Association of Investment Companies
Asset Management BDL Capital Management
Asset Management Vanguard Asset Management, Limited
Banking KBC Group NV
Banking European Association of Co-operative Banks
Banking Sparkasse LeerWittmund
Banking EUSIPA
Banking GFMA
Banking Finance Norway
Banking DAB Bank AG
Banking BANCA SELLA HOLDING
Banking National Association of German Cooperative Banks (BVR)
Banking AFME
Banking BBA
Banking AFTI - French association representing the post- trade industry
Banking Nederlandse Vereniging van Banken
Banking Société Générale
Banking Association of Foreign Banks in Germany
Banking ASOCIACIÓN DE MERCADOS FINANCIEROS - AMF/ACI SPAIN
Banking Italian Banking Association
Banking Deutsche Bank AG
Banking The German Banking Industry Committee
Banking Febelfin
Banking Unicredit
Banking European Savings and Retail Banking Group
Banking International Swaps and Derivatives Association, Inc
Banking BPCE
Banking Irish Banking Federation
Banking UBS AG
Banking Joint Associations Committee on Retail Structured Products
Banking Czech Banking Association
Banking HSBC
Banking Luxembourg Bankers' Association, the ABBL
Banking Crédit Agricole SA
Banking European Banking Federation
Banking Fédération Bancaire Française
Banking Spanish Banking Association
Government, Regulatory and Enforcement US Chamber of Commerce - GRGI
Government, Regulatory and Enforcement Financial Services Consumer Panel
Individuals n/a
Insurance and Pension German Insurance Association (GDV)
Insurance and Pension Association of British Insurers
Investment Services DWPT Deutsche Wertpapiertreuhand GmbH
Investment Services Absolute Strategy Research
Investment Services Chambre des indépendants du patrimoine
Investment Services ANASF - Associazione nazionale promotori finanziari
Investment Services Fund Platform Group
Investment Services Kepler Cheuvreux
Investment Services State Street Corporation
Investment Services RSJ a.s.
Investment Services AMAFI
Investment Services NAMFI
Investment Services Bundesverband der Wertpapierfirmen
Investment Services CM Research
Investment Services FIDEAS CAPITAL
Investment Services Morningstar
Investment Services NATIXIS SA
Investment Services BNP PARIBAS
Investment Services IG Markets Limited
Investment Services FOGAIN (SPANISH INVESTORS COMPENSATION SCHEME FOR INVESTMENT FIRMS)
Investment Services Exane
Investment Services Pedro Braga da Cruz
Investment Services MESSELS LIMITED
Investment Services AQX° Securities
Investment Services Atlantic Equities LLP
Investment Services ASSOSIM
Investment Services KCG EUROPE LTD
Investment Services AlphaValue SA
Investment Services Thomson Reuters
Investment Services Investment Technology Group Limited
Investment Services Association of Professional Financial Advisers ("APFA")
Investment Services ASSORETI - Associazione delle Società per la Consulenza agli Investimenti
Investment Services Wealth Management Association
Investment Services Association Française des Sociétés Financières
Investment Services Shell International Trading and Shipping Company Limited
Investment Services Austrian Professional Association for Financial Service Providers
Investment Services EuroIRP
Investment Services FECIF - European Federation of Financial Advisers and Financial Intermediaries
Investment Services Nordic Securities Association
Investment Services Equiniti Financial Services LImited
Investor Relations The Investor Relations Society
Issuers Deutsches Aktieninstitut
Issuers The Quoted Companies Alliance
Issuers Association of Danish Mortgage Banks and Danish Mortgage Banks’ Federation
Issuers EuropeanIssuers
Legal and Accountancy ICAEW
Legal and Accountancy City of London Law Society Regulatory Committee
Legal and Accountancy Eversheds LLP
Legal and Accountancy Institute of Chartered Accountants in Ireland
Press kapital-markt intern Verlag GmbH
Press Argus Media Ltd
Others FIX Trading Community
Others Vattenfall
Others Association des consommateurs Test-Achats
Others OGP (The International Association of Oil & Gas Producers)
Others GrahamBishop.com
Others The International Securities Lending Association (ISLA)
Others Energy UK
Others Oesterreichs Energie Association of Austrian Electricity Companies
Others MAVIR Hungarian Independent Transmission Opeartor Ltd.
Others swisselectric
Others Austrian Federal Economic Chamber
Others International Financial Data Services (IFDS)
Others Chair of e-Finance, Goethe University Frankfurt
Others VuV- Verband unabhängiger Vermögensverwalter Deutschland e.V.
Others Financial Services User Group (FSUG) of the European Commission
Others ASCOSIM
Others EURELECTRIC
Others FEDIOL - The EU Vegetable Oil and Proteinmeal Industry
Others CFA Institute
Others VNG - Verbundnetz Gas AG
Others AsiaIRP (The Asian Association of Independent Reseach Providers)
Others Better Finance, the European Federation of Financial Services Users
Others BDEW - German Association of Energy and Water Industries
Others ANACOFI
Others Confederation of Industry of the Czech Republic (SPCR)
Others Gazprom Marketing and Trading Ltd
Others COCERAL
Others SOMO (Centre for Research on Multinational Corporations)
Others BIPAR
Others Deutscher Derivate Verband (DDV)
Others German association of local utilities
Others Energie-Nederland (association of energy companies in NL)
Others Louis Dreyfus Commodities Suisse SA
Others Finance Watch
Others FIA Associations
Others EDF Trading
Others NATIONAL FARMERS UNION ENGALND AND WALES
Others Commcise LLP
Others Lombard Street Research
Others Deutscher Raiffeisenverband e. V., Berlin
Others Institute for Agriculture and Trade Policy
Others Chambre Nationale des Conseillers en Investissements Financiers CNCIF
Others Gafta - The International Grain and Feed Trade Association
Others FoodDrinkEurope
Others ETF Securities
Others UNI Europa
Others Danish Shareholders Association
Others AFTE French Association of Corporate Treasurers
Others EnBW Energie Baden-Württemberg AG
Others World Development Movement
Others Siemens AG
Others University of Edinburgh Business School
Others Fidessa
Others Commodity Markets Council - Europe
Others Financial Planning Standards Board Europe
Others Norges Bank
Others BEUC, the European Consumer Organisation
Others Dutch Investors Association VEB - ID Number in Transparency Register: 92447095540-39
Others Global Financial Markets Association - Commodities Working Group
Others Euroclear SA/NV
Others Investorside Research Association
Others Rights Management Associates Ltd
Others Thuenen Institute of Market Analysis
Others EFPA - European Financial Planning Association
Others CNMV ADVISORY COMMITEE- STAKEHOLDERS GROUP
Others Oxfam International
Others Cross-Border Physical Commodities Coalition
Others V/F/I Verband Finanzdienstleistungsinstitute e.V
Others EFET European Federation of Energy Traders
Others INTERNATIONAL CAPITAL MARKET ASSOCIATION
Others Enel Group
Others Coalition for Derivatives End-Users
Others FIA Europe
Others Bundesverband Deutscher Vermögensberater (BDV)
Others European Association of Central Counterparty Clearing Houses (EACH)
Insurance, pension & asset management Swedish Investment Fund Association
Insurance, pension & asset management Standard Life Assurance Limited
Insurance, pension & asset management Eumedion Corporate Governance Forum
Insurance, pension & asset management Eumedion Corporate Governance Forum
Insurance, pension & asset management Eumedion Corporate Governance Forum
Insurance, pension & asset management Association of the Luxembourg Fund Industry (ALFI)
Insurance, pension & asset management Allianz SE
Government regulatory & enforcement KNF - Polish Financial Supervision Authority
Regulated markets, exchanges & trading systems Bolsas y Mercados Españoles - BME
Regulated markets, exchanges & trading systems London Stock Exchange Group plc
Regulated markets, exchanges & trading systems Europex
Regulated markets, exchanges & trading systems Irish Stock Exchange
Regulated markets, exchanges & trading systems Westminster Research Associates LLC
Regulated markets, exchanges & trading systems POWER EXCHANGE CENTRAL EUROPE
Regulated markets, exchanges & trading systems Federation of European Securities Exchanges
Regulated markets, exchanges & trading systems Budapest Stock Exchange