This page sets out the delegated acts and technical standards issued under MiFID II and MiFIR. Please note that some of these are (or will be) subject to change pursuant to the MiFID II “quick fix”, the wider MiFID II Review and/or under the ESG/Sustainable Finance reforms. We have reflected these upcoming changes in the sections entitled “MiFID II Review”, “MiFID II “quick fix”” and “Sustainability” below.
MiFID II Delegated
Directive covering client
assets, product governance
and inducements
by Commission on 7 April 2016
On 17 June 2016, Council decided at ECOFIN meeting not to object
MiFID II Delegated
Regulation covering
organisational requirements
and operating conditions for
investment firms
adopted by Commission on 25 April 2016
AMENDING MEASURE: Commission Delegated Regulation C(2017) 5812 final adopted by Commission on 28 August 2017 to amend definition of systematic internalisers. Published in the Official Journal on 13 December 2017 (EU) 2017/2294.
On 17 June 2016, Council decided at ECOFIN meeting not to object
MiFIR Delegated
Regulation with regard to
definitions, transparency,
portfolio compression and
supervisory measures on product
intervention and
positions
Annex of adopted by Commission on 18 May 2016
On 12 July 2016, Council gave its non-objection
MiFIR Delegated Act
supplementing Regulation (EU)
No 600/2014 of the European
Parliament and of the Council
as regards the exemption of
certain third countries central
banks in their performance of
monetary, foreign exchange
and financial stability
policies from pre- and
post-trade transparency requirements
MiFID II Delegated
Directive covering client
assets, product governance
and inducements
by Commission on 7 April 2016
On 17 June 2016, Council decided at ECOFIN meeting not to object
Technical standards
ESMA Final Report and Annex I of 28 September 2015 (ESMA/2015/1464)
Official Journal version
(published
31 March 2017
unless
otherwise
stated)
AMENDING MEASURE:
Commission adopted Delegated Regulation (C(2016) 4390 final) and Annex of 14 July 2016
ESMA final report on amendments to RTS 1 (26 March 2018)
AMENDING MEASURE:
Commission communication on proposed amendments August 2018)
On 11 October 2016, Council provided its non-objection
On 21 October 2016, Parliament updated its file to note non-objection
AMENDING MEASURE:
On 1 November 2017 ESMA published consultation paper to amend RTS 1 and in March 2018 published a final report
Commission letter to ESMA of 14 March 2016 requesting amendments to RTS 2
ESMA opinion and annex of 2 May 2016 with proposed amendments to RTS 2
On 11 October 2016, Council provided its non-objection
On 21 October 2016, Parliament updated its file to note non-objection
Commission adopted Delegated Regulation
(C(2016) 2710 final) of 26 May 2016
On 20 June 2016, Council provided its non-objection
On 5 September 2016, Parliament updated its file to note non-objection
RTS 5 : direct,
substantial and
foreseeable effect of
derivative contracts
within the EU and the
prevention of
the evasion of
rules and obligations
On 12 July 2016, Council provided its non-objection
On 20 September 2016, Parliament updated its file to note non-objection
On 11 October 2016, Council provided its non-objection
On 30 November 2016, Parliament updated its file to note non-objection
On 11 October 2016, Council provided its non-objection
On 21 October 2016, Parliament updated its file to note non-objection
On 12 July 2016, Council provided its non-objection
On 20 September 2016, Parliament updated its file to note non-objection
On 17 June 2016, Council provided its non-objection
On 25 August 2016, Parliament updated its file to note non-objection
On 27 June 2016, Council provided its non-objection
On 13 September 2016, Parliament updated its file to note non-objection
AMENDING MEASURE:
On 11 October 2016, Council provided its non-objection
On 21 October 2016, Parliament updated its file to note non-objection
On 20 June 2016, Council provided its non-objection
On 5 September 2016, Parliament updated its file to note non-objection
AMENDING MEASURE:
(EU) 2018/63 published in the Official Journal on 17 January 2018
Commission adopted Delegated Regulation
(C(2016) 3201 final) of 2 June 2016
AMENDING MEASURE:
(C(2017) 6337 final) of 26 September
2017 amending Delegated Regulation
(EU) 2017/571, specifying the scope of the consolidated tape for non-equity financial instruments.
On 27 June 2016, Council provided its non-objection
On 9 September 2016, Parliament updated its file to note non-objection
RTS 14 : specification
of the offering
of pre-and post-trade
data and the level of
disaggregation of data
On 27 June 2016, Council provided its non-objection
On 9 September 2016, Parliament updated its file to note non-objection
On 26 September 2017, the Commission published amended Delegated Regulation
RTS 15 : clearing access
in respect of trading
venues and central
counterparties
On 18 July 2016, Council provided its non-objection
On 1 October 2016, Parliament updated its file to note non-objection
On 27 June 2 017, Council provided its non-objection
On 9 September 2016, Parliament updated its file to note non-objection
RTS 17: admission of
financial instruments to
trading on
regulated markets
On 20 June 2016, Council provided its non-objection
On 31 August 2016, Parliament updated its file to note non-objection
On 20 June 2016, Council provided its non-objection
On 31 August 2016, Parliament updated its file to note non-objection
Please note that, as part of changes pursuant to the MiFID II “quick fix”, RTS 20 is being amended. Please refer to the MiFID II “quick fix” section below for more detail.
ESMA opinion and annex of 30 May 2016 with proposed amendments to RTS 20
On 9 March 2017, Parliament provided its non-objection
RTS 21 : methodology
for the calculation and
the application
of position limits for
commodity derivatives
traded on trading venues
and economically
equivalent OTC
contracts
Please note that, as part of changes pursuant to the MiFID II “quick fix”, ESMA proposes to replace RTS 21 with a new RTS 21a. Please refer to the MiFID II “quick fix” section below for more detail.
ESMA opinion and annex of 2 May 2016 with proposed amendments to RTS 21
On 9 March 2017, Parliament provided its non-objection
On 11 October 2016, Council provided its non-objection
On 30 November 2016, Parliament updated its file to note non-objection
On 11 October 2016, Council provided its non-objection
On 21 October 2016, Parliament updated its file to note non-objection
On 18 July 2016, Council provided its non-objection
On 1 October 2016, Parliament updated its file to note non-objection
On 12 July 2016, Council provided its non-objection
On 14 September 2016, Parliament updated its file to note non-objection
On 20 September 2016, Council provided its non-objection
On 7 October 2016, Parliament updated its file to note non-objection
On 12 July 2016, Council provided its non-objection
On 15 September 2016, Parliament updated its file to note non-objection
On 12 July 2016, Council provided its non-objection
On 19 July 2016, Parliament updated its file to note non-objection
(EU) 2017/1943 published in the
Official Journal on 26 October 2017.
On 11 October 2016, the Council chose not to object
On 21 October 2016 Parliament provided its non-objection
On 18 July 2016, Council approves extension of objection period
On 20 September 2016, the Council chose not to object
(EU) 2017/2382 published in the
Official Journal
on 20 December 2017.
Corrigenda published on 7 February 2018
Please note that, as part of changes pursuant to the MiFID II “quick fix”, ITS 4
is being amended to remove references to securitised derivatives.
Please refer to the MiFID II “quick fix” section below for more detail.
On 11 October 2016, the Council chose not to object
On 21 October 2016 Parliament updated its file to note non-objection.
On 11 October 2016, the Council chose not to object
On 21 October 2016 Parliament updated its file to note non-objection
ESMA Final Report of 11 December 2015 – Draft ITS under MiFID II (ESMA/2015/1858)
Status : Published in the Official Journal on 13 June 2017
On 9 February 2017, ESMA published a revised ITS 4
(a number of technical amendments were identified in the course
of the practical implementation of the regime which ESMA deemed
necessary for the correct functioning of the position reporting of commodity
derivatives. Those changes are highlighted in the revised version of the ITS.)
Status: Published in the Official Journal on 21 June 2017
Status: Published in the Official Journal on 7 June 2017
ITS 6: standard forms, templates and procedures
for competent authorities to cooperate in
supervisory activities, on-site verifications, and
investigations and for the exchange of information
ESMA Final Report of 17 December 2013 - Draft technical standards under Article 10a(8) of MiFID I on the assessment of acquisitions and increases in qualifying holdings in investment firms (ESMA/2013/1940)
Published in the Official Journal on 26 October 2017 and will enter into force on 15 November 2017
Mandates under Article 10a(8) MiFID and Article 12(9) MiFID II - ITS on
standard forms, templates and procedures for the consultation
process during the notification of a proposed acquisition of a qualifying
holding in an investment firm
Published in the
Official Journal on
21 November 2017
Commission Delegated Regulation of
22 September 2017 for RTS relating to
indirect clearing of exchange traded
derivatives (ETDs) under
MiFIR (C(2017) 6268 final).
Commission Delegated Regulation of
22 September 2017 for RTS relating
to indirect clearing of OTC derivatives
under EMIR (C(2017) 6270 final).
The RTS will apply
ESMA Final Report
of 28 February 2017 –
Draft RTS on package
orders for which there
is a liquid market
(ESMA70-
872942901-21)
Commission draft
Delegated Regulation
of 14 August 2017
Published in the
Official Journal on
28 November 2017
The RTS will apply
from 3 January 2018
28 September 2017 -
Draft RTS on the mandatory
derivative trading obligation
Published in the
Official Journal on
22 December 2017
17 November 2017 for RTS on the trading
obligation for certain derivatives
(C(2017) 7684 final) and Annex
The European Commission is in the process of reviewing the effectiveness of a wide range of MiFID II/MiFIR requirements, with a view to proposing legislative changes (likely to both Level 1 and 2 texts). ESMA has been mandated to produce numerous review reports which feed into the European Commission’s review process.
Please refer to the “Level 1” section of this page for links to ESMA and Commission publications in relation to the MiFID II Review at this stage. We will reflect any legislative proposals to amend Level 2 texts in this “Level 2” section once these have been published.
Directive 2021/338 was published in the Official Journal on 26 February 2021 and entered into force on 27 February 2021. The Directive makes certain “quick fix” amendments to MiFID II Level 1 on information requirements, product governance and position limits to assist with market recovery following the Covid 19 pandemic. The changes need to be implemented in Member States and will apply from 28 February 2022. The Directive requires changes to certain Level 2 measures which supplement the changes to the commodities derivatives regimes, as follows:
The revised MiFID II regime for commodity derivatives will apply at the end of February 2022
Read our briefing note for more.
The European Commission published Delegated Regulations amending MiFID II to incorporate sustainability issues on 2 August 2021. The Delegated Regulations will apply from 22 November 2022.
The Commission adopted the draft delegated acts on 21 April 2021:
EU Retail Investments
The European Commission published Delegated Regulations amending MiFID II to incorporate sustainability issues on 2 August 2021. The Delegated Regulations will apply from 22 November 2022 .
Read our briefing note for more.