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ESMA publishes MiFID II Q&As on transparency and market structure topics

18 November 2016

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.