Updates and new around MiFID II continue, following our post last week (see here).
The European Commission has issued a warning to 12 member states that they must transpose MiFID II or face sanctions. The notice can be found in this press release by the Commission. The countries warned are Croatia, Greece, Latvia, Lithuania, Luxembourg, Poland, Portugal, Romania, Slovenia, Spain and Sweden.
At the same time, BaFin has once again updated their position limits, which can be found here. In terms of venues, this article on the Finance Magnates web site reports that Eurex has chosen to no longer be a Multilateral Trading Facility (MTF) in Switzerland under the FMIA, also known as “Finfrag”. Instead the focus will be on the EU venue, as well as those in the East.
This article on the Politico web site reports on debates taking place in the EU over possible increase in authority for ESMA. According to the article, many in the Parliament as well as at National Competent Authorities are not in favour of such a power transfer. In the meantime, Kay Swinburne MEP has given an insight into how some of the rules were arrived at in comments made to CityAM which can be found here. It is felt that after Brexit , the UK could still have a key role in setting financial regulation.
Meetings at eWorld
More comments on MiFID II will be posted here as they arise. In the meantime, anyone wishing to meet with ETR Advisory at the eWorld Fair in Essen during the week of 6th February is welcome to schedule a meeting using ETR Advisory’s contact form here.