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ESMA Proposes Amendments to MiFIR Transparency Requirements

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The European Securities and Markets Authority (ESMA) has proposed targeted amendments to some of its Regulatory Technical Standards, essentially RTS 1 and RTS 2, which specify Markets in Financial Instruments Regulation (MiFIR) transparency requirements for equity and non-equity. The amendments aim to clarify, improve and simplify the transparency regime for equity and non-equity instruments.

The ESMA review on RTS 1 and RTS 2 will be made in two steps:

  • The final reports on the review of RTS 1 (equity transparency) and RTS 2 (non-equity transparency), published on 28 March 2022, include a first series of proposed amendments to address issues that have received broad support from stakeholders and/or are considered important in the context of establishing a consolidated tape provider (CTP)
  • A second, and broader, review will be carried out following the MiFIR review, which is currently under discussion. It will be focusing on necessary changes to RTS 1 and RTS 2 as a consequence of the MiFIR review and also including the analysis of proposals included in the Consultation Paper published in July 2021.

The reports have been submitted to the European Commission, which has three months to decide whether to endorse the proposed amendments to the RTS.

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