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    EC Publishes Regulation on Transmission of Information Under MiFID II

    December 20, 2017

    EC published the Commission Implementing Regulation (EU) 2017/2382, which lays down implementing technical standards on standard forms, templates, and procedures for the transmission of information in accordance with the Markets in Financial Instruments Directive II (MiFID II: Directive 2014/65/EU). This regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union and it shall apply from January 03, 2018.

    Regulation 2017/2382 sets out common standard forms, procedures, and templates for the submission of information required when investment firms, market operators, and, where required by MiFID II, credit institutions wish to provide investment services and perform activities in another member state under the freedom to provide services or under the right of establishment. The regulation shall apply to investment firms and market operators operating a multilateral trading facility (MTF) or an organized trading facility (OTF). The regulation shall also apply to credit institutions that are authorized under the Capital Requirements Directive (CRD IV: Directive 2013/36/EU), provide one or more investment services or perform investment activities under MiFID II, and wish to use tied agents under the right of freedom to provide investment services and activities—in accordance with Article 34(5) of MiFID II and under the right of establishment in accordance with Article 35(7) of MiFID II. 

    It is important to establish standard forms covering the language and means of communication of passport notifications, which may be used by investment firms, market operators, and, where necessary, credit institutions, in addition to the competent authorities of home and host member states; these forms are needed to facilitate the unhindered provision of investment services and activities across member states and the efficient performance by the competent authorities of their respective tasks and responsibilities. An assessment of the accuracy and completeness of the submitted notification by the competent authority of the home member state is necessary to ensure the quality of (i) the information submitted by the investment firm, market operator, or, where necessary, credit institution to the competent authority of the home member state; and (ii) the information submitted by the competent authority of the home member state to the competent authority of the host member state. Provisions requiring the competent authority of the home member state to indicate where the notification to is found to be incomplete or incorrect are necessary. These provisions will ensure clarity in the identification and communication of any missing or incorrect elements and facilitate the process of addressing such issues and resubmitting the complete and correct information. Acknowledgement of the receipt of a submitted branch passport notification or tied agent passport notification is also necessary, as this will ensure clarity about the date of receipt of the relevant notification and the exact date on which the investment firm may establish the branch or make use of a tied agent established in the host member state. The regulation is based on the draft implementing technical standards submitted by ESMA to EC. 

     

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    Effective Date: December 21, 2017

    Keywords: Europe, EU, Securities, MiFID II, CRD IV, Transmission of Information, Implementing Technical Standards, Regulation 2017/2382, EC

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