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September 28, 2017

ESMA, along with the national competent authorities (NCAs), published an updated work plan for the opinions on pre-trade transparency waivers and position limits that must be issued under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). In view of the large number of opinions to be issued, about 700 for pre-trade transparency waivers and 110 for position limits, and to avoid processing bottlenecks, the work plan presents a pragmatic approach for ensuring the implementation of the MiFID II/MiFIR waivers and position limits as of January 03, 2018 pending the issuance of the opinions.

Opinions on pre-trade transparency waivers: Under MiFIR, NCAs must submit pre-trade transparency waivers to ESMA, which subsequently needs to issue opinions on the compatibility of pre-trade transparency waivers with MiFIR and the Commission Delegated Regulations (EU) 2017/587 and (EU) 2017/583. ESMA has decided to prioritize the work on equity waivers and intends to finalize the opinions on those waivers by the end of 2017. Additionally, ESMA aims to finalize as many opinions on non-equity instrument waivers as possible before January 03, 2018. However, it is unlikely to be in a position to issue opinions on a majority of waiver notifications.

Opinions on positions limits for commodity derivatives: ESMA, under MiFID II, must publish opinions on the position limits notified by NCAs for commodity derivative contracts, on the compatibility of the limits proposed with MiFID II, and on the methodology set out in the Commission Delegated Regulation (EU) 2017/591. No transitional provisions are foreseen in this area under MiFID II. ESMA and the NCAs have agreed that the NCAs will publish limits ahead of its opinions. Those limits will enter into force, and be monitored by NCAs, on January 03, 2018.


Related Link: Joint Work Plan (PDF)

Keywords: Europe, Securities, Work Plan, MiFID II, MiFIR, Position Limits, Pre-trade Transparency Waivers, NCAs, ESMA

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