ESMA clarifies application of certain MIFIR provisions, including volume cap


The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a statement, including practical guidance supporting the transition and the consistent application of the revised Markets in Financial Instruments Regulation (MiFIR).

The statement covers guidance on equity transparency and non-equity transparency; the systematic internaliser (SIs) regime; designated publishing entities (DPEs); and reporting.

Regarding the volume cap, following the publication by the European Commission, ESMA confirms that DVC data will continue to be published, with the next publication scheduled for early April. 

Next Steps

ESMA will develop draft technical standards as requested by the revised MiFIR within the set deadlines. ESMA also intends to provide more detailed guidance, including a mapping of the applicable provisions in due course. 


Through the statement issued today, ESMA is complementing the interpretative draft notice issued by the European Commission on 27 March 2024 and responding to queries received from market participants on the provisions applicable as of the date of entry into force of the revised MiFIR (28 March 2024).


Further information:

Cristina Bonillo

Senior Communications Officer

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