The Futures Industry Association (“FIA”) and FIA Europe issued the first in a series of special reports regarding the European Securities Markets Authority’s (“ESMA”) technical advice and consultation documents on MiFID II regulations.
On December 19, 2014, ESMA published several documents that define a large number of rules affecting European securities and derivatives markets. The documents consisted of final Technical Advice to the European Commission, and a Consultation Paper that seeks public comment on technical standards for the implementation of these rules.
According to FIA, the publication of these documents is the latest step in the process for implementing MiFID II, the legislative framework governing the requirements applicable to investment firms, trading venues and clearinghouses in the European Union.
The first report in the FIA and FIA Europe special reports summarizes the main issues in these ESMA documents. Each subsequent report will focus on a particular area of interest to members of FIA and FIA Europe.