The European Securities and Markets Authority on June 30 published its final report on draft technical standards on authorization, passporting, registration of third-country firms and cooperation between competent authorities under the Markets in Financial Instruments Directive II and the Markets and Financial Instruments Regulation.
This final report covers the majority of the draft technical standards on investor protection topics. It also presents a feedback statement to the European Securities and Markets Authority consultation paper published on Dec. 19.
The final report was submitted to the European Commission for endorsement of the draft technical standards after which the European Commission has three months to endorse these standards. After the Commission endorses the technical standards, the European Parliament and Council of the EU will have three months to review them.
ESMA indicated that the remaining draft technical standards that it is mandated to develop under MiFID II and MiFIR will be published by the end of 2015, while the second set of standards on secondary market issues will be delivered in September and December, respectively.
