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Mifid

Reactions to the sending back of the MiFID II RTS’s

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.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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