FIA EPTA members are pleased to provide feedback to ESMA on its draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR as amended by the Investment Firm Regulation (IFR). To remain globally competitive, FIA EPTA members strongly believe EU capital markets should not unduly constrain third-country firms aiming to provide liquidity on European exchanges or to European counterparties. FIA EPTA members consider that third-country firms should comply with adequate reporting and capital requirements in order to maintain a level playing field with EU firms, but they should not be unduly burdened with onerous, highly detailed or sensitive reporting requirements.
