Consultation Paper on MiFID II/MiFIR

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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’.

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Others Rights Management Associates Ltd
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Others Cross-Border Physical Commodities Coalition
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Investment Services Austrian Professional Association for Financial Service Providers
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Investment Services DWPT Deutsche Wertpapiertreuhand GmbH
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Investment Services Chambre des indépendants du patrimoine
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Investment Services Fund Platform Group
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Banking DAB Bank AG
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Asset Management ERES
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Eumedion Corporate Governance Forum
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Asset Management ELIGEST
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Eumedion Corporate Governance Forum
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Eumedion Corporate Governance Forum
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Asset Management PATRIVAL SA
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Statoil
  • 11515
Others World Development Movement
  • 11517
Banking Czech Banking Association
  • 11520
Others Thuenen Institute of Market Analysis
  • 11524
Others V/F/I Verband Finanzdienstleistungsinstitute e.V
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Investment Services EuroIRP
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Others FIX Trading Community
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Investment Services ANASF - Associazione nazionale promotori finanziari
  • 11529
Others Oesterreichs Energie Association of Austrian Electricity Companies
  • 11530
Others VuV- Verband unabhängiger Vermögensverwalter Deutschland e.V.
  • 11532
Others FEDIOL - The EU Vegetable Oil and Proteinmeal Industry
  • 11533
Asset Management AMUNDI
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Prague Stock Exchange
  • 11540
Asset Management LA FINANCIERE TIEPOLO (PARIS)
  • 11541
Others Lombard Street Research
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Investment Services FOGAIN (SPANISH INVESTORS COMPENSATION SCHEME FOR INVESTMENT FIRMS)
  • 11543
Asset Management GSD GESTION
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Asset Management REPUBLIC ASSET MANAGEMENT
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Asset Management MCA FINANCE
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Vienna Stock Exchange / Wiener Börse AG
  • 11548
Asset Management Rothschild & Cie Gestion
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Asset Management The Association of Investment Companies
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Asset Management Rothschild HDF Investment Solutions
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Stadtwerke München GmbH
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Others MAVIR Hungarian Independent Transmission Opeartor Ltd.
  • 11556
Others Financial Services User Group (FSUG) of the European Commission
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Others CFA Institute
  • 11561
Issuers Association of Danish Mortgage Banks and Danish Mortgage Banks’ Federation
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Banking Association of Foreign Banks in Germany
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Investment Services CM Research
  • 11565
Investment Services Morningstar
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Asset Management FINANCIERE DE L'OXER
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Investment Services MESSELS LIMITED
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Asset Management CARMIGNAC GESTION SA
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Others Commodity Markets Council - Europe
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Banking Luxembourg Bankers' Association, the ABBL
  • 11572
Asset Management Amaika Asset Management
  • 11574
Investment Services FECIF - European Federation of Financial Advisers and Financial Intermediaries
  • 11576
Boerse Stuttgart
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Asset Management PGGM Investment Management
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Banking EUSIPA
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Others ASCOSIM
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Asset Management uzes gestion
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Government, Regulatory and Enforcement Financial Services Consumer Panel
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Individuals n/a
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Asset Management Mandarine Gestion
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Press Argus Media Ltd
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Others Chambre Nationale des Conseillers en Investissements Financiers CNCIF
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Investment Services AQX° Securities
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Investment Services KCG EUROPE LTD
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Others Financial Planning Standards Board Europe
  • 11591
Allianz SE
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European Association of Corporate Treasurers (EACT)
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Asset Management BDL Capital Management
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Banking KBC Group NV
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Banking Sparkasse LeerWittmund
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Asset Management SOCIETE GENERALE GESTION
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Banking BANCA SELLA HOLDING
  • 11599
Others VNG - Verbundnetz Gas AG
  • 11600
Others BDEW - German Association of Energy and Water Industries
  • 11601
Others BIPAR
  • 11602
Banking The German Banking Industry Committee
  • 11603
Others Deutscher Raiffeisenverband e. V., Berlin
  • 11607
Others Gafta - The International Grain and Feed Trade Association
  • 11608
Investment Services Atlantic Equities LLP
  • 11610
Banking Joint Associations Committee on Retail Structured Products
  • 11611
Others Norges Bank
  • 11614
Others EFPA - European Financial Planning Association
  • 11617
Banking European Banking Federation
  • 11618
Banking Spanish Banking Association
  • 11619
Others Vattenfall
  • 11620
Asset Management Metzler Asset Management GmbH
  • 11622
Others swisselectric
  • 11624
Swedish Investment Fund Association
  • 11625
Asset Management ASPIM
  • 11626
Others ANACOFI
  • 11627
Investment Services NAMFI
  • 11630
Investment Services FIDEAS CAPITAL
  • 11631
Investment Services NATIXIS SA
  • 11632
Others FoodDrinkEurope
  • 11633
Federation of German Consumer Organisations
  • 11636
Others Siemens AG
  • 11637
Banking HSBC
  • 11638
Asset Management Natixis Asset Management
  • 11641
Banking Fédération Bancaire Française
  • 11643
Investment Services Nordic Securities Association
  • 11647
Asset Management Groupama Asset Management
  • 11649
Others OGP (The International Association of Oil & Gas Producers)
  • 11651
Insurance and Pension German Insurance Association (GDV)
  • 11652
Banking National Association of German Cooperative Banks (BVR)
  • 11653
Asset Management AFG
  • 11655
Others Confederation of Industry of the Czech Republic (SPCR)
  • 11656
Others Deutscher Derivate Verband (DDV)
  • 11660
Others FIA Associations
  • 11662
Banking European Savings and Retail Banking Group
  • 11664
Others ETF Securities
  • 11666
Asset Management Baillie Gifford & Co
  • 11668
Investment Services AlphaValue SA
  • 11669
Others BEUC, the European Consumer Organisation
  • 11670
Banking Crédit Agricole SA
  • 11672
Investment Services Association Française des Sociétés Financières
  • 11675
BATS Chi-X Europe
  • 11676
Asset Management AllianceBernstein
  • 11677
Others GrahamBishop.com
  • 11678
Investment Services Kepler Cheuvreux
  • 11679
Legal and Accountancy ICAEW
  • 11680
LA COMPAGNIE DES CONSEILS EN GESTION DE PATRIMOINE INDEPENDANTS
  • 11681
Asset Management New City Initiative
  • 11682
Banking ASOCIACIÓN DE MERCADOS FINANCIEROS - AMF/ACI SPAIN
  • 11683
Banking Febelfin
  • 11687
Banking International Swaps and Derivatives Association, Inc
  • 11689
Regulated markets, exchanges and trading systems Budapest Stock Exchange
  • 11691
Legal and Accountancy Eversheds LLP
  • 11692
Bloomberg L.P.
  • 11695
Others Dutch Investors Association VEB - ID Number in Transparency Register: 92447095540-39
  • 11696
Investor Relations The Investor Relations Society
  • 11697
Others EFET European Federation of Energy Traders
  • 11699
Others FIA Europe
  • 11700
Asset Management Investment Adviser Association
  • 11701
Regulated markets, exchanges and trading systems London Stock Exchange Group plc
  • 11703
Investment Services State Street Corporation
  • 11705
Investment Services RSJ a.s.
  • 11708
Others AsiaIRP (The Asian Association of Independent Reseach Providers)
  • 11709
Others Gazprom Marketing and Trading Ltd
  • 11710
Others German association of local utilities
  • 11712
The Elia Group (Elia-TSO in Belgium + 50HZ-TSO in Germany)
  • 11713
Börse Berlin
  • 11715
Investment Services Exane
  • 11717
Asset Management ASSOGESTIONI
  • 11718
Others University of Edinburgh Business School
  • 11719
Others Global Financial Markets Association - Commodities Working Group
  • 11721
Investment Services Association of Professional Financial Advisers ("APFA")
  • 11723
Asset Management AXA Investment Managers
  • 11724
Others Bundesverband Deutscher Vermögensberater (BDV)
  • 11725
Investment Services Absolute Strategy Research
  • 11726
Asset Management LA BANQUE POSTALE ASSET MANAGEMENT (LBPAM)
  • 11727
Banking GFMA
  • 11730
Banking AFME
  • 11733
Banking BBA
  • 11736
Others COCERAL
  • 11737
Others Energie-Nederland (association of energy companies in NL)
  • 11738
Banking Unicredit
  • 11742
Asset Management FOURPOINTS Investment Managers
  • 11743
Others UNI Europa
  • 11744
Others AFTE French Association of Corporate Treasurers
  • 11745
Others Fidessa
  • 11746
Association of the Luxembourg Fund Industry (ALFI)
  • 11748
Others CNMV ADVISORY COMMITEE- STAKEHOLDERS GROUP
  • 11750
Others INTERNATIONAL CAPITAL MARKET ASSOCIATION
  • 11751
Insurance and Pension Association of British Insurers
  • 11752
Regulated markets, exchanges and trading systems Bolsas y Mercados Españoles - BME
  • 11753
Others The International Securities Lending Association (ISLA)
  • 11757
Banking Finance Norway
  • 11759
Regulated markets, exchanges and trading systems Westminster Research Associates LLC
  • 11762
Regulated markets, exchanges and trading systems POWER EXCHANGE CENTRAL EUROPE
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Banking Nederlandse Vereniging van Banken
  • 11765
Investment Services Bundesverband der Wertpapierfirmen
  • 11768
Others EDF Trading
  • 11769
Asset Management TRUE & FAIR CAMPAIGN
  • 11770
Others Danish Shareholders Association
  • 11771
Asset Management DNCA FINANCE
  • 11772
Asset Management Managed Funds Association
  • 11774
Asset Management LYXOR ASSET MANAGEMENT
  • 11776
Others Oxfam International
  • 11780
Investment Services Shell International Trading and Shipping Company Limited
  • 11782
Others European Association of Central Counterparty Clearing Houses (EACH)
  • 11787
BNY Mellon
  • 11788
Regulated markets, exchanges and trading systems Europex
  • 11790
Others Austrian Federal Economic Chamber
  • 11792
Asset Management CPR AM
  • 11793
Investment Services AMAFI
  • 11794
Asset Management Financière de l'Echiquier
  • 11797
Banking Italian Banking Association
  • 11798
Others NATIONAL FARMERS UNION ENGALND AND WALES
  • 11801
Investment Services BNP PARIBAS
  • 11802
Banking Irish Banking Federation
  • 11804
Investment Services ASSOSIM
  • 11805
Tradeweb Europe Limited
  • 11806
Others Euroclear SA/NV
  • 11809
Investment Services ASSORETI - Associazione delle Società per la Consulenza agli Investimenti
  • 11811
Others Enel Group
  • 11813
Investment Services Equiniti Financial Services LImited
  • 11814
Asset Management Union Asset Management Holding AG
  • 11815
Asset Management VEGA INVESTEMENT MANAGERS
  • 11816
Others International Financial Data Services (IFDS)
  • 11819
Press kapital-markt intern Verlag GmbH
  • 11821
Standard Life Assurance Limited
  • 11822
Asset Management Groupe La Française (LFP, LFIP, LF REM, LF AM GP, LFIS, LF AM FS)
  • 11824
Asset Management BVI
  • 11826
Asset Management Marathon Asset Management LLP
  • 11827
Asset Management Cogefi Gestion
  • 11829
Legal and Accountancy City of London Law Society Regulatory Committee
  • 11830
Others EnBW Energie Baden-Württemberg AG
  • 11831
Legal and Accountancy Institute of Chartered Accountants in Ireland
  • 11832
Others Investorside Research Association
  • 11833
Asset Management EFAMA
  • 11834
Asset Management Legal & General Investment Management Ltd
  • 11836
Deutsche Börse Group
  • 11837
Banking European Association of Co-operative Banks
  • 11839
Issuers Deutsches Aktieninstitut
  • 11840
Asset Management Securities Industry and Financial Markets Association
  • 11841
Asset Management AFIC
  • 11843
Others Better Finance, the European Federation of Financial Services Users
  • 11844
KNF - Polish Financial Supervision Authority
  • 11847
Banking Deutsche Bank AG
  • 11849
Asset Management Investment Management Association
  • 11852
Others Institute for Agriculture and Trade Policy
  • 11854
CME Group Inc.
  • 11855
Asset Management AIMA
  • 11858
NASDAQ OMX
  • 11859
Investment Services Thomson Reuters
  • 11861
Investment Services Wealth Management Association
  • 11862
Others Coalition for Derivatives End-Users
  • 11864
Asset Management Vanguard Asset Management, Limited
  • 11865
Others Association des consommateurs Test-Achats
  • 11866
Others Energy UK
  • 11867
Regulated markets, exchanges and trading systems Irish Stock Exchange
  • 11868
Issuers The Quoted Companies Alliance
  • 11869
Government, Regulatory and Enforcement US Chamber of Commerce - GRGI
  • 11870
Banking Société Générale
  • 11872
Others Louis Dreyfus Commodities Suisse SA
  • 11875
Regulated markets, exchanges and trading systems Federation of European Securities Exchanges
  • 11878
Investment Services IG Markets Limited
  • 11881
Asset Management BlackRock
  • 11883
Banking UBS AG
  • 11884
Wholesale Markets Brokers Association
  • 11888
Investment Services Investment Technology Group Limited
  • 11892
Issuers EuropeanIssuers
  • 11893
Sutherland Asbill & Brennan LLP on behalf of The Commercial Energy Working Group
  • 11898
EURONEXT
  • 11899
ICI Global
  • 11902
Quincy Data, LLC
  • 11906
Others Chair of e-Finance, Goethe University Frankfurt
  • 11907
Others EURELECTRIC
  • 11911
Banking AFTI - French association representing the post- trade industry
  • 11912
Others SOMO (Centre for Research on Multinational Corporations)
  • 11916
Others Finance Watch
  • 11917
Others Commcise LLP
  • 11918
Banking BPCE
  • 11920
Investment Services Pedro Braga da Cruz
  • 11921