NOTE ABOUT MIFIR TRANSITIONAL REGIME

As of 28 March 2024 Regulation (EU) 2024/791 (the “MiFIR review”) entered into force, amending Regulation (EU) No 600/2014 (“MiFIR”).

MiFIR review introduced a transitional regime via Article 54(3) of MiFIR according to which the delegated acts adopted under MiFIR as applicable before 28 March 2024 will continue to apply until these delegated acts are revised.

As a result, certain MiFIR provisions pre-MiFIR review will continue to apply until the relevant delegated acts are adopted.

Clarifications on the applicable provisions both in MiFIR and in the relevant Commission Delegated and Implementing Regulations are added for each article subject to the transitional regime. In the absence of clarification, the article and the relevant provisions in Commission Delegated and Implementing Regulations are considered applicable in full since 28 March 2024.

For more information, please refer to ESMA’s public statement dated 27 March 2024 which encompasses the Commission’s interpretative view on the application of MiFIR provisions affected by MiFIR review during the transitional regime.

The current ISRB of MiFIR contains explanatory notes prepared by ESMA regarding the applicable provisions as at now following the MiFIR Review. These notes and this text are meant purely as a documentation tool and has no legal effect. ESMA assumes no legal liability for its contents.