Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.1.3.3
18.IV.1.3.3 MiFID II Review: scope
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266829:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
ESMA, Consultation Paper: MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares 4 February 2020 (ESMA70-156-2188), p. 13.
ESMA, Consultation Paper: MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares 4 February 2020 (ESMA70-156-2188), p. 45. The MiFID II definition of certificates can be found in art. 2(1)(27) MiFID II. For an examination of the MiFID II-definition of certificates, reference is made to chapter 1(section IV).
ESMA, MiFID II/MiFIR Review Report, 16 July 2020(ESMA70-156-2682), p. 23-24.
The MiFID II equity pre- and post-trade transparency regime applies to (a) shares, depositary receipts, ETFs, certificates and other similar financial instruments (b) traded on an RM or MTF. ESMA concludes in the ESMA MiFID II Review that – given that MiFID I was limited to shares admitted to trading on an RM (i.e. a narrower scope) – the level of pre-trade transparency has increased following the application of MiFID II.1 ESMA is also concerned about the MiFID II scope in the ESMA MiFID II Review. ESMA identifies that certificates, in comparison with shares, depositary receipts and ETFs, are only limited in number. ESMA adds that there is uncertainty about the definition and identification of certificates.2 ESMA proposes in the ESMA MiFID II Review to maintain certificates within the MiFID II scope, whilst clarifying the definition of certificates in further detail.3