MiFID II and MiFIR status - Level 2

Delegated Acts
Delegated Acts Official
Journal version
(published
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

MiFIR Delegated Act

supplementing Regulation (EU)

No 600/2014 of the European

Parliament and of the Council

as regards the exemption of

certain third countries central

banks in their performance of

monetary, foreign exchange

and financial stability

policies from pre- and

post-trade transparency requirements

Commission Delegated Regulation (EU) 2017/1799

Commission Delegated Regulation COM(2017) 298 final and Annex adopted by the Commission on  June 2017

EC report (and Annex) to the Council dated 12 June 2017

 

Technical standards

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

 RTS/ITS

Official Journal version
(published
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

 

AMENDING MEASURE:

 

(C(2017) 6337 final) of 26 September
2017 amending Delegated Regulation
(EU) 2017/571, specifying the scope of the consolidated tape for non-equity financial instruments.

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 adopted
Delegated Regulation
(C(2016) 3206 final) of 2 June 2016
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

On 26 September 2017, the Commission published amended Delegated Regulation

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

(EU) 2017/1943 published in the
Official Journal on 26 October 2017.

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
(EU) 2017/1945 Published in the
Official Journal on 26 October 2017.
Adopted by the Commission on 19 June 2017.  -
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.) 

 

Status: 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

 

ESMA Final Report of 17 December 2013 - Draft technical standards under Article 10a(8) of MiFID I on the assessment of acquisitions and increases in qualifying holdings in investment firms (ESMA/2013/1940)

 ITS/RTS  Status
Mandates under Article 10a(8) MiFID and Article 12(8) MiFID II
- RTS on information to be included by proposed acquirers in the notification
of a proposed acquisition of a qualifying holding in an investment firm

(EU) 2017/1946

Published in the Official Journal on 26 October 2017 and will enter into force on 15 November 2017

Mandates under Article 10a(8) MiFID and Article 12(9) MiFID II - ITS on

standard forms, templates and procedures for the consultation
process during the notification of a proposed acquisition of a qualifying
holding in an investment firm

(EU) 2017/1944
Published in the Official Journal on 26 October 2017 and will enter into force on 15 November 2017

 

Other technical standards  Official Journal version Commission adopted version Status
ESMA Final Report
of 26 May 2016 –
Draft RTS on indirect
clearing arrangements
under EMIR and
MiFIR
(ESMA/2016/725)

(EU) 2017/2154

 

Published in the

Official Journal on

21 November 2017

Commission Delegated Regulation of
22 September 2017 for RTS relating to
indirect clearing of exchange traded
derivatives (ETDs) under
MiFIR (C(2017) 6268 final).

 

Commission Delegated Regulation of
22 September 2017 for RTS relating
to indirect clearing of OTC derivatives
under EMIR (C(2017) 6270 final).

The RTS will apply

from 3 January 2018

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

- 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)

-

  Awaiting endorsement by
Commission

ESMA Final Report of

28 September 2017 -

Draft RTS on the mandatory

derivative trading obligation

 

Commission Delegated Regulation of

17 November 2017 for RTS on the trading

obligation for certain derivatives

(C(2017) 7684 final) and Annex

Awaiting endorsement by 

Council and Parliament

 

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