ESMA WRITES TO EUROPEAN COMMISSION ON MIFID II/MIFIR REVIEW REPORTS
The European Securities and Markets Authority (ESMA) has written to the European Commission (EC) regarding its contribution to a range of MiFID II/MiFIR Review reports, setting out ESMA’s proposed timetable for their delivery.
The letter provides details on the timing of the reports, required under MiFID II, that ESMA has proposed to the EC. The proposed timetable considers the uncertainties introduced by Brexit and aims to ensure that enough experience is gathered on the application of MiFID II/MiFIR before beginning the review of the functioning of the various MiFID II provisions.
The reports have been grouped, to the extent possible, by thematic issues to streamline the overall process. This letter is a follow-up to a previous exchange of letters between ESMA and the EC regarding the timing of MiFID II/MiFIR reports. ESMA is planning to work towards the timeline suggested and is making market participants aware of this timeline today as it is planning to launch the first consultations on the reports in due course.