EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/16.II.2:16.II.2 Scope
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/16.II.2
16.II.2 Scope
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267273:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Toon alle voetnoten
Voetnoten
Voetnoten
Art. 44(1) and art. 45(1) (RMs); art. 30(1) and art. 31(1) (MTFs); and art. 27(3) and art. 28(1) (investment firms, including SIs) MiFID I; and art. 32(c) MiFID I Implementing Regulation. Under MiFID II a similar interpretation applies (ESMA, Consultation Paper: MiFID II/MiFIR, 22 May 2014(ESMA/2014/549), p. 225).
Deze functie is alleen te gebruiken als je bent ingelogd.
The MiFID I concept of a reasonable commercial basis only applied to pre- and post-trade information that needed to be published under MiFID I. Additional data, such as more in-depth information, was not constrained by the reasonable commercial basis-principle. This follows from the MiFID I-rules only referring to a reasonable commercial basis (reasonable costs) in the context of MiFID I pre- and post-trade information.1 The principle of a reasonable commercial basis applied to any arrangement making MiFID I data public, being: (a) the facilities of an RM or an MTF, (b) the facilities of a third party (e.g. data vendor), or (c) proprietary arrangements (e.g. website of an investment firm).2