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) 2021/5.V.1.4.2:5.V.1.4.2 Scope of the MiFID II share-trading obligation
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.V.1.4.2
5.V.1.4.2 Scope of the MiFID II share-trading obligation
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267305:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Deze functie is alleen te gebruiken als je bent ingelogd.
The MiFID II text only provides limited guidance with respect to the scope of the MiFID II. share trading-obligation. For example, terms like ‘undertakes’ are undefined. NoMiFID II mandate is in place for the Commission (as assisted by ESMA) to make Level 2-measures in this context.1 For this reason, the MiFID II share trading-obligation is principle-based. Critics argue that the MiFID II share trading-obligation is: (1) too broad (i.e. too strict) and (2) legally unclear. Particular concerns have arisen in the context of the extraterritorial reach of the share trading-obligation (e.g. Brexit and Switzerland).2 For this reason, the scope of the share trading-obligation is part of the MiFID II Review (section VII below).