MiFIR review: ESMA launches new consultations

ESMA, the EU financial regulator, has launched consultations to enhance market transparency, reduce reporting burdens, and promote supervisory convergence. The package includes revisions to equity liquidity assessment, transparency, and volume cap rules. An Implementing Technical Standard for Systematic Internalisers and guidance on the Consolidated Tape Provider for input/output data and flags for non-equity instruments are proposed. New organizational requirements for trading venues, including circuit breakers, are introduced to align with the DORA framework. These changes aim to facilitate the implementation of the CTP and streamline reporting requirements, fostering efficiency and competitiveness in European financial markets. ESMA will consider comments by September 15th for certain sections and by October 15th for others. The final report and draft technical standards are expected in December 2024 and March 2025, respectively.