ESMA updates its Q&As on MiFID II and MiFIR transparency (July 2020)


The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, updated today its Q&As regarding transparency issues under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The new Q&A document provides technical clarifications for the performance of the mandatory systematic internaliser (SI) test. The Q&A specifies how the number of transactions and the nominal amount traded of a derivative shall be allocated when a derivative contract changes over the observation period from one sub-class to another.


The purpose of this Q&A is to promote a common supervisory approach and practices in the EU on the application of MiFID II and MiFIR, in particular in the performance of the mandatory SI test. ESMA will continue to develop Q&As in the coming months and will review and update them where required.

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