The European Securities and Markets Authority has published a final report setting out three draft technical standards under the Market in Financial Instruments Regulation (MiFIR) Review, aimed at consistent application of the revised framework with simplification and burden reduction as the guiding principle. The package covers the application of the single volume cap and transparency calculations, including the phasing-out of daily reporting of transparency data for trading venues and Approved Publication Arrangements. It also introduces a new qualitative regime for Systematic Internalisers that harmonises notification content and clarifies the notification procedure for investment firms acting as SIs, and updates rules on circuit breakers and operational resilience for trading venues to streamline how circuit breakers are set and what information must be disclosed publicly, with changes aligned to the Digital Operational Resilience Act (DORA) framework. The final report has been submitted to the European Commission, which has three months to decide whether to endorse the draft technical standards.
European Securities and Markets Authority 2025-04-10
European Securities and Markets Authority publishes MiFIR Review draft standards to simplify transparency reporting and update SI and trading venue requirements
The European Securities and Markets Authority released a final report with three draft technical standards under the MiFIR Review, focusing on simplification and burden reduction. Key updates include changes to the single volume cap, transparency calculations, and a new qualitative regime for Systematic Internalisers. The report aligns circuit breaker rules with the Digital Operational Resilience Act (DORA) framework and has been submitted to the European Commission for endorsement.