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The start of a challenging consultation period

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Amsterdam – June 2nd, 2014. Earlier this year, the European Parliament and the European Council approved the final legislative texts of the new Markets in Financial Instruments Directive (MiFID II & MiFIR). Now, the European Securities and Markets Authority (ESMA) has commenced a consultation period to develop draft Technical Standards*. The consultation package that was published on May 22 consists out of 800+ pages and is divided into two documents:

  • Consultation Paper on Technical Advice – includes all topics on which the Commission has formally requested ESMA to provide technical advice. ESMA has to deliver this advice to the European Commission by December 2014; and
  • Discussion Paper on draft Technical Standards – includes a select number of more innovative or technically complex topics in order to receive first feedback from stakeholders and will provide the basis for a further consultation paper on the draft Technical Standards which is expected to be issued late 2014/early 2015.

MiFID II is the latest centrepiece of EU’s strategy to address the effects of the financial crisis, bring greater transparency to markets and strengthen investor protection. To accomplish this, topics vary from addressing new market features such as algorithmic trading to extending the scope of the current MiFID regime. The main issues covered in the consultation package are divided into those addressing the structure, transparency and regulation of financial markets, and those aimed at strengthening investor protection.

Mike Leerdam, one of our MiFID II experts comments: “This consultation is essential in how the MiFID II principles will be translated into the national law of EU member states, and is therefore key in defining the actual impact of this new big thing in European regulatory reforms. Due to the broad scope, high impact, political sensitivity and technical nature of some requirements, a challenging consultation period is ahead of us. Industry participants have their work cut out now and can start to determine the biggest challenges in getting ready for MiFID II.”

Double Effect is in the process of implementing today’s financial markets reforms at leading financial firms across the globe. Our Regulation Service Line is the partner of choice for making your organisation compliant with MiFID II by translating the regulatory challenges into practical solutions. Our consultants are unique in their ability to combine change management expertise with deep knowledge of the relevant legislation. Double Effect is a management consulting firm specialised in the financial services industry. We consistently deliver value to our clients through our commitment to business results, our relentless focus on execution and collaboration, and our deep industry knowledge.

Lees ook de whitepaper over MiFID II door op deze link te klikken.

*Regulatory Technical Standards and Implementing Technical Standards