MiFID II update

Although the year end is quickly approaching, the MiFID II legislation has not slowed down. Even though no new RTS or ITS has been adopted in the last few weeks, ESMA has conducted consultations in relation to several standards:

• The discussions relating to the discussion paper on the trading obligations for derivatives under MiFIR was closed at the end of November.
• The consultation on the draft RTS specifying the consolidated tape for non-equity financial instruments was closed on 5 December.
• The consultation on the draft RTS on package orders for which there is a liquid market will be closed on 3 January 2017.

Furthermore, ESMA published and updated several useful documents which help the preparation for the application of MiFID II:

• ESMA updated its Q&A on 16 December with answer on e.g. What is meant by checking the fairness of the price proposed to the client when executing orders or decisions to deal in OTC products?, Where firms use a single venue, how can they evidence that this has allowed them to obtain best execution? How to fulfil post-sale reporting obligations?
• ESMA published on 16 December a list of authorities that have informed ESMA that they comply with the ESMA’s guidelines for the assessment of knowledge and competence; the Hungarian National Bank confirmed that from 3 January 2018 it intends to comply with the guidelines.

The have been no major steps in relation to national implementation. In accordance with the Government’s legislative agenda, the implementation act will only be adopted by the Parliament in June 2017.

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