ESMA updates Q&A on MiFID II implementation


The European Securities and Markets Authority (ESMA) has today updated its Question and Answers (Q&As) regarding the implementation of the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II. It provides responses to questions posed by the general public and market participants in relation to the practical application of MiFID II and MiFIR on:

Commodity derivatives issues:

  • Position limits and position reporting

Market data issues:

  • Reporting details and data fields

  • Reference date

  • Order Record Keeping

Market structure issues:

  • Multilateral trading systems

  • Direct Electronic Access and algorithmic trading

  • Access to CCPs and Trading Venues

The Q&A mechanism is a practical convergence tool used to promote common supervisory approaches and practices. ESMA will periodically review these Q&As on a regular basis to update them where required and to identify if, in a certain area, there is a need to convert some of the material into ESMA Guidelines and recommendations.

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