EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.V.3.1:17.V.3.1 ESMA proposals on supervisory guidance

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.V.3.1

17.V.3.1 ESMA proposals on supervisory guidance

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ESMA recommends the following with respect to supervisory guidance:

a.

development of a standardised publication format to be used by all RMs, MTFs, APAs and SIs disclosing reasonable commercial basis information;

b.

standardisation of key terminology used;

c.

guidance on key concepts (e.g. per user fees); and

d.

guidance on the typology of costs to be included in the fee calculation.

ESMA says it wants to develop the supervisory guidance in close consultation with data users and trading venues.1 ESMA adds that enforcement of supervisory guidance is necessary to ensure delivery of the MiFID II objectives. ESMA will therefore – in close cooperation with the NCAs – closely follow the implementation of the supervisory guidance. Where the supervisory guidance, in combination with stricter enforcement, does not work, ESMA reconsiders moving to price regulation (e.g. so-called LRIC+).2

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