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ESMA provides guidance on cross-border investment services and MiFID transposition

18 December 2017

The European Securities and Markets Authority (ESMA) issued today guidance to national competent authorities (NCAs) and market participants on the topic of continuity of cross-border provision of investment services in the transition between MiFID I and MiFID II, including in the event that there is late transposition of the Directive by some Member States.

In this context, ESMA also issued guidance on the cross-border operation of regulated markets and the provision of data reporting service providers (DRSPs).

The new Q&As cover both secondary markets and investor protection related issues including:

Secondary Markets – page 54

·         Validity of authorisations;

·         Continuity of the provision of services by regulated market; and

·         Provision of data reporting services.

Investor Protection – page 88

·         Validity of authorisations;

·         Existing passport notifications validity;

·         Continuity of the provision of investment services; and

·         New passport notifications.

The Q&As have been developed in order to provide  practical solutions to the problem of late transposition in the EU, taking into account to the extent possible the need to preserve business continuity after 3 January 2018. This is key to facilitating cross-border business and services in the EU, one of the main drivers of MiFID II.

The Q&As should help addressing concerns of competent authorities, investment firms, market operators and data reporting services providers.