Following last Thursday’s sending back of three Regulatory Technical Standards (RTS) under MiFID, there have been widespread reports and reactions. The RTS’s sent back include numbers 20 and 21, regarding the Ancillary Activity test and Position Limits as well as a bond transparency related RTS. See here for a statement on the website of Markus Ferber MEP. The statement makes clear that the European Parliament expects a rapid resolution to the issues.
The Financial Times reports here that ESMA have been given six weeks (so until the end of April) to return with a new version of the RTS. It reports that MEPs will also not accept further delays to the overall MiFID II timetable. The article reports Kay Swinburne MEP as saying that the rejection is likely to lead to a better system.
This article on the Reuters web site reports that Commissioner Lord Hill asked for several changes across the three RTS, primarily “fine tuning for a more cautious approach” according to his spokesperson Vanessa Mock.
The market will now eagerly await the new versions of the RTS, the content of which will have a considerable impact on the effect of MiFID II on the commodities sector. Most will be hoping for finality sooner rather than later.