October 04, 2018

ESMA updated question and answer (Q&A) documents on the application of Alternative Investment Fund Managers Directive (AIFMD) and on market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The Q&A mechanism is a practical convergence tool used to promote common supervisory approaches and practices. It is intended to help investors and other market participants by providing clarity on the requirements of various regulations and directives.

ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing umbrella alternative investment funds on a cross-border basis. The updated Q&A on MiFID II and MiFIR market structures and transparency issues include the following:

  • Classification of derivatives on derivatives for transparency purposes
  • Default liquidity status of bonds (amendment to an existing Q&A)
  • Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR
  • Market-making activities and incentives to be provided during stressed market conditions
  • Treatment of bulk quotes for the calculation of the Order to Trade Ratio
  • Scope of Article 17(6) of MiFID II and Chapter IV (Articles 24-27) of Delegated Regulation (EU) 2017/589 (RTS 6)
  • Arranging of transactions that are ultimately formalised on another trading venue
  • Registration of a segment of a multilateral trading facility, or MTF, as a small and medium enterprise growth market
  • Maker Taker schemes


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Keywords: Europe, EU, Securities, Q&A, MiFID II, Transparency, Market Structure, AIFMD, ESMA

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