ESMA consults on its MiFID II/MiFIR Annual Report


The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today launched a consultation seeking input from market participants on its MiFIDII /MiFIR Annual Review Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). The consultation closes on 11 June 2021.

The Consultation Paper provides for the Annual Assessment of the operation of the thresholds for the liquidity determination of bonds and the trade percentiles determining the pre-trade SSTI-threshold which is currently subject to a a four-stage phase-in regime under RTS 2.

The Consultation proposes to:

  • Move to stage 3 for the liquidity assessment of bonds;
  • Move to stage 3 for the SSTI percentile of bonds; and
  • Not to move to stage 2 for the SSTI percentile of non-equity instruments other than bonds.

These proposals are designed to increase the transparency available to market participants in the bond market.

Next steps

ESMA will consider the feedback and expects to publish a final report and submit, if necessary, regulatory technical standards to the European Commission for endorsement in July 2021. Following such endorsement, the RTS are then subject to a non-objection procedure by the European Parliament and the Council.


Further information:

Dan Nacu-Manole

Communications Officer

   +33 (0)1 58 36 52 06


More on the same topic