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;
- contain a clear rationale; and
- describe any alternatives ESMA should consider.
ESMA will consider all comments received by 25 January 2018.
All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Please follow the instructions given in the document ‘Reply form for the MiFID/MIFIR Consultation Paper’ also published on the ESMA website.
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 publically 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 at www.esma.europa.eu under the heading Legal Notice.
Who should read this paper
All interested stakeholders are invited to respond to this consultation paper. This consultation paper is primarily of interest to investment firms that might be qualified as systematic internalisers in equity instrument under the new MiFID II / MiFIR legislative framework but responses are also sought from any other market participant which might be impacted by the proposals contained in this document and including trading venues, trade associations and industry bodies, institutional and retail investors.