Global Trustee and Fiduciary Services Bite-Sized Issue 6 2024

7 QUICK LINKS AIFMD CMU CRYPTOASSETS EMIR FINTECH IFD/IFR MAR MIFID II/MIFIR OPERATIONAL RESILIENCE SECURITISATION SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE UNITED STATES UNITEDKINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 6 | 2024 In the consultation, ESMA is seeking input on the following topics: • Proposed rules on input and output data, covering reporting instructions and data quality requirements for all CTPs and data contributors; • Draft rules for the methodology for the equity CTP to redistribute revenue to data contributors and the criteria to suspend such redistribution; • Clock synchronisation requirements for Systematic Internalisers (SIs) and DRSPs, in addition to trading venues operators and their members; • The authorisation and organisational requirements for Authorised Publication Arrangements (APAs) and Approved Reporting Mechanisms (ARMs); • New rules for the authorisation of CTPs; and • Initial reflections on the assessment of CTP applicants. The consultation period closes on 28 August 2024. Based on the responses received, ESMA aims to prepare the final report and intends to submit the final draft technical standards to the European Commission by 29 December 2024. A feedback statement on the specification of the assessment criteria for the CTP selection procedure is expected to be published by the end of 2024. Link to the Consultation here MiFIR Review: ESMA Consults on Three New Technical Standards On 21 May 2024, ESMA launched a public consultation on non-equity trade transparency, reasonable commercial basis (RCB) and reference data under the Markets in Financial Instruments Regulation (MiFIR) review. ESMA says its proposals aim at enhancing the information available to stakeholders by improving, simplifying and further harmonising transparency in capital markets. In the consultation ESMA is seeking input on three topics: • Pre- and post-trade transparency requirements for non-equity instruments (bonds, structured finance products and emissions and allowances), which aims at ensuring trade information is available to stakeholders by improving, simplifying, and harmonizing transparency requirements, and combining the right balance between real-time transparency and the ability to defer publication. • Obligation to make pre-and post-trade data available on an RCB intended to guarantee that market data is available to data users in an accessible, fair, and non-discriminatory manner. Furthermore, the consultation elaborates on the cost-based nature of fees and the applicable reasonable margin; and • Obligation to provide instrument reference data that is fit for both transaction reporting and transparency purposes. It also proposes amendments to align this data with other relevant reporting frameworks and international standards. The consultation period closes on 28 August 2024. After reviewing the feedback, ESMA aims to publish a final report and submit the draft technical standards to the European Commission by the end of Q4 2024. Further information on the MiFID II /MiFIR review and the upcoming consultation process can be found on the dedicated webpage. Link to the MiFIR ReviewConsultation Package here