The EACB welcomes the opportunity to respond to the ESMA Consultation Paper on MiFID II/MiFIR.
The EACB has followed with great interest the MiFID review and has engaged with the EU-legislators throughout the legislative procedure. Moreover, the EACB has already responded to the previous Consultation and Discussion Paper on MiFID II/MiFIR and is looking forward to further exchange with ESMA in order to ensure strengthened investor protection; transparent and efficient financial markets; as well as a legislation which properly addresses the diversity of the banking industry.
Again, ESMA’s consultation papers have been a considerable challenge for the EACB and its members in terms of complexity, number of questions and time frame. Market participants are still assessing how they will be affected, based upon the nature, size and coverage of their business activities. This is the reason why the EACB has prioritised and focused on a number questions of the Consultation Paper. However, this prioritisation exercise does not mean that questions not responded to are not important to the EACB and its members nor should it be regarded as an unconditional consent on ESMA’s approach on such topics.
To read all the answers of the EACB, please download the PDF