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MiFID II and MiFIR status - Level 2 

Delegated Acts 

Delegated Acts

Official Journal version (published on 31 March 2017)

Commission adopted version

Timing of decisions

MiFID II Delegated Directive

covering client assets, product governance and inducements

Commission Delegated Directive (EU) 2017/593

Commission Delegated Directive C(2016) 2031 final  adopted by Commission on 7 April 2016 

 

On 17 June 2016, Council decided at ECOFIN meeting not to object.

On 15 July 2016, Parliament updated its file to note non-objection.

MiFID II Delegated Regulation

covering organisational requirements and operating conditions for investment firms

Commission Delegated Regulation (EU) 2017/565

Commission Delegated Regulation C(2016) 2398 final and Annexes adopted by Commission on 25 April 2016

Commission Delegated Regulation C(2017) 5812 final adopted by Commission on 28 August 2017 to amend definition of systematic internalisers

 

On 17 June 2016, Council decided at ECOFIN meeting not to object.

On 2 August 2016, Parliament updated its file to note non-objection.
  

MiFIR Delegated Regulation

with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions

Commission Delegated Regulation (EU) 2017/567

Commission Delegated Regulation C(2016) 2860 final and Annex of adopted by Commission on 18 May 2016

 

On 12 July 2016, Council gave its non-objection.

On 25 August 2016, Parliament updated its file to note non-objection.

  

Technical Standards 

ESMA Final Report and Annex I of 28 September 2015 (ESMA/2015/1464)

RTS/ITS

Official Journal version (published on 31 March 2017 unless otherwise stated)

Commission adopted version

Timing of decisions

RTS 1: transparency requirements in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments

Commission Delegated Regulation (EU) 2017/587

  

Commission adopted Delegated Regulation (C(2016) 4390 final) and Annex of 14 July 2016

 

On 11 October 2016, Council provided its non-objection

On 21 October 2016, Parliament updated its file to note non-objection

RTS 2: transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives (There is no automaticity. A new RTS will be required every year to implement the proposed phase-in, as set out in Article 17(1-9)).

Commission Delegated Regulation (EU) 2017/583

 Commission adopted Delegated Regulation (C(2016) 4301 final) and Annex of 14 July 2016

 

Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 2

ESMA opinion and annex of 2 May 2016 with proposed amendments to RTS 2

On 11 October 2016, Council provided its non-objection

On 21 October 2016, Parliament updated its file to note non-objection
RTS 3: volume cap mechanism and the provision of information for the purposes of transparency and other calculations

Commission Delegated Regulation (EU) 2017/577

  

Commission adopted Delegated Regulation (C(2016) 2711 final) and Annex of 13 June 2016

 

On 11 October 2016, Council provided its non-objection

On 20 September 2016, Parliament updated its file to note non-objection

RTS 4: criteria for determining whether derivatives should be subject to the trading obligation

Commission Delegated Regulation (EU) 2016/2020 (published in the Official Journal on 19 November 2016)

Commission adopted Delegated Regulation (C(2016) 2710 final) of 26 May 2016

 

On 20 June 2016, Council provided its non-objection.

On 5 September 2016, Parliament updated its file to note non-objection

RTS 5: direct, substantial and foreseeable effect of derivative contracts within the EU and the prevention of the evasion of rules and obligations

Commission Delegated Regulation (EU) 2017/579 Commission adopted Delegated Regulation (C(2016) 3544 final) of 13 June 2016  

On 12 July 2016, Council provided its non-objection

On 20 September 2016, Parliament updated its file to note non-objection

RTS 6: organisational requirements of investment firms engaged in algorithmic trading, providing direct electronic access and acting as general clearing members

Commission Delegated Regulation (EU) 2017/589 Commission adopted Delegated Regulation (C(2016) 4478 final) and Annex of 19 July 2016  

On 11 October 2016, Council provided its non-objection

On 30 November 2016, Parliament updated its file to note non-objection

RTS 7: organisational requirements of regulated markets, MTF and OTFs enabling or allowing algorithmic trading through their systems

Commission Delegated Regulation (EU) 2017/584 Commission adopted Delegated Regulation (C(2016) 4387 final) of 14 July 2016  

On 11 October 2016, Council provided its non-objection

On 21 October 2016, Parliament updated its file to note non-objection

RTS 8: specifying the requirements on market making agreements and schemes

Commission Delegated Regulation (EU) 2017/578 Commission adopted Delegated Regulation (C(2016) 3523 final) of 13 June 2016  

On 12 July 2016, Council provided its non-objection.

On 20 September 2016, Parliament updated its file to note non-objection

RTS 9: ratio of unexecuted orders to transactions

Commission Delegated Regulation (EU) 2017/566 Commission adopted Delegated Regulation (C(2016) 2775 final) and Annex of 18 May 2016  

On 17 June 2016, Council provided its non-objection.

On 25 August 2016, Parliament updated its file to note non-objection

RTS 10: requirements to ensure fair and non-discriminatory co-location services and fee structures

Commission Delegated Regulation (EU) 2017/573 Commission adopted Delegated Regulation (C(2016) 3266 final) of 6 June 2016  

On 27 June 2016, Council provided its non-objection.

On 13 September 2016, Parliament updated its file to note non-objection

RTS 11: tick size regime for shares, depositary receipts and exchange traded funds

Commission Delegated Regulation (EU) 2017/588 Commission adopted Delegated Regulation (C(2016) 4389 final) and Annex of 14 July 2016  

On 11 October 2016, Council provided its non-objection.

On 21 October 2016, Parliament updated its file to note non-objection

RTS 12: determination of a material market in terms of liquidity relating to trading halt notifications

Commission Delegated Regulation (EU) 2017/570 Commission adopted Delegated Regulation (C(2016) 3020 final) of 26 May 2016  

On 20 June 2016, Council provided its non-objection.

On 5 September 2016, Parliament updated its file to note non-objection

RTS 13: authorization, organisational requirements and the publication of transactions for data reporting services providers

Commission Delegated Regulation (EU) 2017/571  

Commission adopted Delegated Regulation (C(2016) 3201 final) of 2 June 2016

 

On 27 June 2016, Council provided its non-objection.

On 9 September 2016, Parliament updated its file to note non-objection

RTS 14: specification of the offering of pre-and post-trade data and the level of disaggregation of data

Commission Delegated Regulation (EU) 2017/572 Commission adopted Delegated Regulation (C(2016) 3206 final) of 2 June 2016  

On 27 June 2016, Council provided its non-objection.

On 9 September 2016, Parliament updated its file to note non-objection

RTS 15: clearing access in respect of trading venues and central counterparties

Commission Delegated Regulation (EU) 2017/581 Commission adopted Delegated Regulation (C(2016) 3807 final) and Annex of 24 June 2016  

On 18 July 2016, Council provided its non-objection.

On 1 October 2016, Parliament updated its file to note non-objection

RTS 16: access in respect of benchmarks

Commission Delegated Regulation (EU) 2017/2021 (published in the Official Journal on 19 November 2016) Commission adopted Delegated Regulation (C(2016) 3203 final) of 2 June 2016  

On 27 June 2017, Council provided its non-objection.

On 9 September 2016, Parliament updated its file to note non-objection

RTS 17: admission of financial instruments to trading on regulated markets

Commission Delegated Regulation (EU) 2017/568 Commission adopted Delegated Regulation (C(2016) 3017 final) of 24 May 2016  

On 20 June 2016, Council provided its non-objection.

On 31 August 2016, Parliament updated its file to note non-objection

RTS 18: suspension and removal of financial instruments from trading

Commission Delegated Regulation (EU) 2017/569 Commission adopted Delegated Regulation (C(2016) 3014 final) of 24 May 2016  

On 20 June 2016, Council provided its non-objection.

On 31 August 2016, Parliament updated its file to note non-objection

ITS 19: description of the functioning of MTFs and OTFs

 

Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 was published in the Official Journal on 26 May 2016

 -  -

RTS 20: criteria for establishing when an activity is to be considered to be ancillary to the main business

Commission Delegated Regulation (EU) 2017/592 Commission adopted Delegated Regulation (C(2016) 7643 final) of 1 December 2016  

Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 20

ESMA opinion and annex of 30 May 2016 with proposed amendments to RTS 20

On 9 March 2017, Parliament provided its non-objection

RTS 21: methodology for the calculation and the application of position limits for commodity derivatives traded on trading venues and economically equivalent OTC contracts

Commission Delegated Regulation (EU) 2017/591 Commission adopted Delegated Regulation (C(2016) 4362 final) of 1 December 2016  

Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 21

ESMA opinion and annex of 2 May 2016 with proposed amendments to RTS 21

On 9 March 2017, Parliament provided its non-objection

RTS 22: reporting obligations under Article 26 of MiFIR

Commission Delegated Regulation (EU) 2017/590  

Commission adopted Delegated Regulation (C(2016) 4733 final) and Annex of 28 July 2016 (Blackline Delegated Regulation and Annex against ESMA's September 2015 version)

 

On 11 October 2016, Council provided its non-objection.

On 30 November 2016, Parliament updated its file to note non-objection

RTS 23: data standards and formats for financial instrument reference data

Commission Delegated Regulation (EU) 2017/585  

Commission adopted Delegated Regulation (C(2016) 4405 final) and Annex of 14 July 2016

 

On 11 October 2016, Council provided its non-objection.

On 21 October 2016, Parliament updated its file to note non-objection

RTS 24: maintenance of relevant data relating to orders in financial instruments

Commission Delegated Regulation (EU) 2017/580  

Commission adopted Delegated Regulation (C(2016) 3821 final) and Annex of 24 June 2016

 

On 18 July 2016, Council provided its non-objection.

On 1 October 2016, Parliament updated its file to note non-objection

RTS 25: clock synchronization

Commission Delegated Regulation (EU) 2017/574  

Commission adopted Delegated Regulation (C(2016) 3316 final) and Annex of 7 June 2016

 

On 12 July 2016, Council provided its non-objection.

On 14 September 2016, Parliament updated its file to note non-objection

RTS 26: obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing (STP)

Commission Delegated Regulation (EU) 2017/582  

Commission adopted Delegated Regulation (C(2016) 3944 final) of 29 June 2016

 

On 18 July 2016, the Council approves extension of objection period.

On 20 September 2016, Council provided its non-objection

On 7 October 2016, Parliament updated its file to note non-objection

RTS 27: data to be published by execution venues on the quality of execution of transactions

Commission Delegated Regulation (EU) 2017/575  

Commission adopted Delegated Regulation (C(2016) 3333 final) and Annex of 8 June 2016

 

On 12 July 2016, Council provided its non-objection.

On 15 September 2016, Parliament updated its file to note non-objection

RTS 28: annual publication by investment firms of information on the identity of execution venues and on the quality of execution

Commission Delegated Regulation (EU) 2017/576 Commission adopted Delegated Regulation (C(2016) 3337 final) and Annex of 8 June 2016  

On 12 July 2016, Council provided its non-objection.

On 19 July 2016, Parliament updated its file to note non-objection

 

ESMA Final Report of 29 June 2015  – Draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities (ESMA/2015/1006)

RTS/ITS

Official Journal version

Commission adopted version

Timing of decisions

RTS 1: information and requirements for the authorisation of investment firms

Status: Awaiting publication in the Official Journal

  

Commission adopted Delegated Regulation (C(2016) 4417 final) of 14 July 2016

 

On 11 October 2016, the Council chose not to object.

On 21 October 2016 Parliament provided its non-objection.

 ITS 2:  notifications by and to applicant and authorised investment firms

  -

Status: Awaiting adoption by Commission

   -
  

RTS 3: specifying information to be notified by investment firms, market operators and credit institutions

(EU) 2017 / 2018 published in the Official Journal on 17 June 2017.

  

Commission adopted Delegated Regulation (C(2016) 3917 final) of 29 June 2016

  

On 18 July 2016, Council approves extension of objection period.

On 20 September 2016, the Council chose not to object.

On 6 October 2016, the Parliament provided its non-objection.

ITS 4: standard forms, templates and procedures for the transmission of information

  -

Status: Awaiting adoption by Commission

 

 -

RTS 5: information for registration of third country firms and the format of information to be provided to the clients

Commission Delegated Regulation (EU) 2016/2022  published in the Official Journal on 19 November 2016 and entered into force on 9 December 2016.  

Commission adopted Delegated Regulation (C(2016) 4407 final) of 14 July 2016

   

On 11 October 2016, the Council chose not to object.

On 21 October 2016 Parliament updated its file to note non-objection.

RTS 6:  exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations

Status: Awaiting publication in the Official Journal Commission adopted Delegated Regulation (C(2016) 4415 final) of 14 July 2016  

On 11 October 2016, the Council chose not to object.

On 21 October 2016 Parliament updated its file to note non-objection.

 

 ESMA Final Report of 11 December 2015 – Draft ITS under MiFID II (ESMA/2015/1858)  

ITS

Status

 ITS 1:  standard forms, template and procedures for cooperation arrangements

Status: Published in the Official Journal on 13 June 2017

 ITS 2:  format and timing of the communications and the publication on the suspension and removal of financial instruments from trading on a Regulated Market, an MFT or an OTF

 Status: Published in the Official Journal on 16 June 2017

 ITS 3: standard forms, templates and procedures for the authorisation of data reporting services providers

 Status: Published in the Official Journal on 23 June 2017

 ITS 4: position reporting

  

On 9 February 2017, ESMA published a revised ITS 4 (a number of technical amendments were identified in the course of the practical implementation of the regime which ESMA deemed necessary for the correct functioning of the position reporting of commodity derivatives. Those changes are highlighted in the revised version of the ITS.)

Published in the Official Journal on 21 June 2017

ITS 5: format and timing of weekly position reports

Status: Published in the Official Journal on 7 June 2017

ITS 6: standard forms, templates and procedures for competent authorities to cooperate in supervisory activities, on-site verifications, and investigations and for the exchange of information

Status: Published in the Official Journal on 10 June 2017

ITS 7: standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation

Status: Published in the Official Journal on 10 June 2017

ITS 8: procedures and forms for submitting information on sanctions and measures

StatusPublished in the Official Journal on 23 June 2017

  

Other technical standards

ESMA Final Report of 26 May 2016 – Draft RTS on indirect clearing arrangements under EMIR and MiFIR (ESMA/2016/725)

 Status: Awaiting adoption by Commission

ESMA Final Report of 28 February 2017 - Draft RTS on package orders for which there is a liquid market  (ESMA70-872942901-21)

Commission draft Delegated Regulation of 14 August 2017

 Status: Awaiting publication in the Official Journal

ESMA Final Report of 31 March 2017 - Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments (ESMA/2017/70-8792942901-40)

 Status: Awaiting adoption by Commission

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