(Under foroberedelse) Delegert kommisjonsforordning om endring og korrigering av delegert forordning (EU) 2017/587 om utfyllende bestemmelser til europaparlaments- og rådsforordning (EU) nr. 600/2014 om markeder for finansielle instrumenter hva angår reguleringstekniske standarder for krav til åpenhet til markedsplasser og investeringsforetak med hensyn til aksjer, depotbeviser, børsomsatte fond, sertifikater og andre lignende finansielle instrumenter og kravet om at transaksjon med visse aksjer skal gjennomføres via en markedsplass eller en systematisk internalisator
(Under development) Commission Delegated Regulation amending and correcting Delegated Regulation (EU) 2017/587 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser
Rapport med utkast til delegert kommisjonsforordning vedtatt av Den europeiske verdipapirtilsynsmyndighet (ESMA) og sendt til Kommisjonen 21.9.2017
BAKGRUNN (fra ESMAs pressemelding 21.9.2018)
ESMA agrees to limit the application of tick sizes to systematic internalisers quotes for shares and depositary receipts
The European Securities and Markets Authority (ESMA) has published today its opinion on proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1).
ESMA, considering the need to address the application of tick sizes to systematic internaliser (SIs) quotes in a timely fashion, has agreed to limit the application of tick sizes to quotes of SIs to shares and depositary receipts.
RTS 1 details the transparency requirements for equity instruments, including the quoting obligations for SIs under the Markets in Financial Instruments Regulation (MiFIR). Following a consultation, ESMA submitted a proposal to amend RTS 1 to the European Commission (EC) on 26 March 2018. ESMA’s draft amendment proposed further specifying the concept of prices reflecting prevailing market conditions, and to clarify that SIs’ quotes would only reflect prevailing market conditions where those quotes reflect the minimum price levels applicable to on-venue orders and quotes. On 10 August 2018, the EC informed ESMA of its intention to endorse the proposed amendments to RTS 1 with modifications.
Following an assessment of the EC’s proposed modifications, ESMA considers that the EC’s amendment will ensure the application of tick sizes to SIs’ quotes for most equity instruments in a timely fashion. Therefore, ESMA has agreed to limit the application of tick sizes to quotes of SIs to shares and depositary receipts.
ESMA continues to believe that its proposal to tie systematic internaliser quotes to price levels that can be traded on trading venues for all equity and equity-like instruments better achieves the legislative goals expressed in the empowerment of Article 14(7) of MiFIR. However, ESMA has agreed with the EC that any concerns about efficient valuation and price formation are most relevant for shares and depositary receipts.
Furthermore, ESMA also agreed with the other changes introduced by the EC that are of a more technical nature and not intended to change the substance of the ESMA proposals.
ESMA has sent its opinion and revised draft RTS for endorsement to the EC.