A look at the key areas to watch for when ESMA publishes its discussion paper this summer
The European Parliament ratified on Tuesday the next
wave of the Markets in Financial Instruments Directive and
effectively fired the starting gun on the introduction and
implementation of the most ambitious piece of legislation in
the history of the European markets, writes Luke
The approval of the final text by the European Parliament
means the draft will be published into the journal in May or no
later than June and the rules will officially become law some
20 days after that.
More importantly however, the signing off of the first draft
means the proposals now move over to the European Securities
and Markets Authority (ESMA), an independent agency of the EU,
which begins drawing up its plans to turn the Mifid proposals
into reality with a view to putting out its own document.
ESMA could publish its discussion paper, which will almost
certainly be larger than the original Mifid document itself, in
June or perhaps July and this is the next big milestone.
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