ESMA updates Q&A on MiFID II and MiFIR market structure and transparency issues

The European Securities and Markets Authority published on November 14, 2018 a new version of its Questions and Answers on MiFID II and MiFIR rules regarding market structures. New versions of ESMA’s Q&A on MiFID II and MiFIR transparency requirements were published on November 11 and again on January 4.

The aim of the Q&A documents is to promote common supervisory approaches and practices in the application of the revised Markets in Financial Instruments Directive (2017/65/EU) and the accompanying Markets in Financial Instruments Regulation (600/2014).

The new versions of the Q&As provides clarification on areas including making data available free of charge 15 minutes after publication; obligations applicable to systematic internalisers in instruments that are not traded on a trading venue; definition of request-for-quote systems; pre-trade transparency in RFQ systems; the concept of comparable size in market-making agreements and voluntary provision of liquidity; and the rules governing parameters for equity market transparency calculations or thresholds for pre-trade and post-trade transparency for a bond in the absence of indications from ESMA or national regulators.

The Q&A on MiFID I and MiFIR market structures issues is available in English at, and the updated Q&A on transparency topics at

MiFID implemented in Luxembourg

On 11 July 2007, the Luxembourg Parliament approved bill number 5627 amending the law of 5 April 1993 on the financial sector. The bill will come into effect on 1 November 2007. Hereunder, we briefly outline the main amendments:
• Transposition of the European Directive 2004/39/CE on Markets in Financial Instruments (MiFID) into Luxembourg legislation.
• Review of the status of certain Professionals of the Financial Sector (PFS) and creates five new categories of PFS.
Firstly, certain categories of PFS, such as financial advisors, brokers in financial instruments and market makers changed from “PFS other than investment firms” to “investment firms”. From now on they will benefit from the European passport. On the contrary, registrar agents (i.e. TAs) and professional custodians of financial instruments are no longer “investment firms” but “PFS other than investment firms”, and loose the benefit of the European passport.
Secondly, five new categories of PFS have been created by the draft law:
– Financial intermediation companies;
– Investment firms operating a Multilateral Trading Facility (“MTF”) in Luxembourg;
– Operators of a regulated market authorized in Luxembourg;
– Primary IT systems operators of the financial sector;
– Secondary IT systems and communication networks operators.
• Reduction of the minimum share capital requirements for certain types of PFS.
This measure gives highly qualified financial specialists the opportunity to access the profession easier than before.