ESMA publishes MiFID II Q&As on transparency and market structure topics
The European Securities and Markets Authority (ESMA) has published two Questions and Answers (Q&A) documents regarding implementation issues relating to market structures and transparency topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
ESMA has published a new Q&A document on market structures which provides clarifications on the two following topics:
- data disaggregation; and,
- the mandatory tick size regime.
ESMA has also updated its Q&A on transparency with two new questions which provide details regarding:
- article 4(7) of MiFIR, review of waivers granted in accordance with MiFID I; and,
- the procedure for granting a waiver from pre-trade transparency obligations for illiquid non-equity financial instruments.
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MiFID II/MiFIR and its implementing measures.