Germany had requested feedback from market participants regarding their experience with MiFID II during the first year of its application. Of particular interest were any areas that remained challenging to comply with or where the industry thought further clarifications or even changes to the legislation are required. The feedback will be used for discussions with the European Commission in preparation of their review report to the European Parliament under Art. 90 of MiFID II, which is due by March 2020.
Our response 1) raises awareness of data and reporting issues, such as regarding the reliability and accuracy of FIRDS or the use of ISINs as identifiers, 2) asks for amendments to the Mandatory Systemic Internaliser regime, 3) highlights the need to re-calibrate the Transparency obligations for a number of asset classes, for example commodities or the treatment of packages, and 4) proposes a re-calibration of de-minimis thresholds for position limits.
We continue to engage in the MiFID II review process.
FIA contact: Christiane Leuthier