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News: MiFID II (engl.)

Today, the European Commission informed the European Parliament’s MiFID II negotiating team that the draft regulatory technical standards on non-equity transparency, on the ancillary activity exemption and on position limits were sent back to ESMA to revise those standards taking into account the European Parliament’s position more thoroughly. The European Parliament’s Rapporteur for MiFID II, Markus Ferber, MEP, explained:

“I am glad to see that the European Commission takes the concerns of the European Parliament seriously. The latest drafts were far from being acceptable for the European Parliament. Especially the position limits regime urgently needs a comprehensive redrafting in order to effectively curb food speculation. So far, neither ESMA or the Commission have managed to deliver. The latest drafts were just not up to standard and would not have solved the problem at all. The Commission is right to be afraid of the technical standards being rejected by the European Parliament – hence, further work is necessary. I expect ESMA to revisit those technical standards swiftly, thoroughly and to adapt them in line with the European Parliaments remarks. However, the redrafting must not lead to further delaying the overall MiFID II timeline. The European Parliament’s concerns on this topic were known and available for quite some time. Therefore, Commission and ESMA could have easily acted earlier.”