09/28/2020 | News release | Distributed by Public on 09/28/2020 03:00
The European Securities and Markets Authority's (ESMA), the EU securities markets regulator, has published its Final Report containing draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the European Union (EU) by third-country firms under MiFIR and MiFID II.
These draft technical standards are published following the changes to MiFIR and MiFID II regimes for the provision of investment services and activities in the EU by third-country firms, introduced by the Investment Firms Regulation (EU) No 2019/2033 (IFR) and Directive (EU) 2019/2034 (IFD).
These changes include new reporting requirements for third-country firms to ESMA on an annual basis, and include the possibility for ESMA to ask third-country firms to provide data relating to all orders and transactions in the EU. New annual reporting requirements from branches of third-country firms to NCAs have also been introduced.
Draft Technical Standards
ESMA has developed under Article 46(7) and (8) of MiFIR:
While branches of third-country firms authorised under MiFID II are supervised by the relevant regulator of the authorising Member State, the IFD amends MiFID II to provide for further reporting obligations on such branches to the Member State authorities where they are established. In accordance with Article 41(5) of MiFID II, ESMA developed:
The draft Technical Standards have been submitted to the European Commission for the adoption of the final legal text.