Pegasus - Council of the European Union

Pegasus

Contacts

Council adopts MiFID II and MiFIR

On 15 April 2014, the texts of the Markets in Financial Instruments Directive (recast) (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) were approved by the European Parliament in plenary session. This morning the Council of the European Union adopted the texts of MiFID II and MiFIR. The next stage is for the texts to be published in the Official Journal of the EU.

The date for publication in the Official Journal is not yet public but should be soon. The European Commission’s request to ESMA for technical advice on implementing measures indicates the entry into force of MiFID II and MiFIR (the twentieth day following that of its publication in the Official Journal) to be in June 2014.

View Markets in Financial Instruments: Council adopts new rules, 13 May 2014

Council of EU asks COREPER to confirm its agreement to MiFID II

The Council of the EU has asked the Permanent Representatives Committee (COREPER) to confirm its agreement on the MiFID II legislative proposals adopted at first reading by the European Parliament on 15 April 2014. The Council’s requests are contained in “I/A” item notes on:

  • the proposed MiFID II Directive; and
  • the proposed Markets in Financial Instruments Regulation.

If the Council approves the Parliament’s position, the legislative acts will be adopted, and after being signed by the President of the Parliament and the President of the Council, will be published in the Official Journal of the EU.

View I/A item note: Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (recast) (first reading) adoption of the legislative act, 5 May 2014

View I/A item note: Proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories (first reading) – adoption of the legislative act, 5 May 2014

Council of the EU note on outcome of European Parliament’s first reading of MiFID II Directive

The Council of the EU has published an information note from the General Secretariat of the Council to the Permanent Representatives Committee (COREPER) concerning the outcome of the European Parliament’s first reading of the proposed MiFID II Directive.

It states that the Parliament’s first reading position reflects what had been previously agreed between the institutions and that the Council should therefore be in a position to approve the Parliament’s position. The MiFID II Directive can then be formally adopted using the wording corresponding to the Parliament’s position.

View Information note: Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (recast) – outcome of the European Parliament’s first reading, 22 April 2014

Council of the EU note on outcome of European Parliament’s first reading of MiFIR

The Council of the EU has published an information note from the General Secretariat of the Council to the Permanent Representatives Committee concerning the outcome of the European Parliament’s first reading of the proposed Markets in Financial Instruments Regulation (MiFIR). It states that the Parliament’s first reading reflects what had been previously agreed between the institutions and that the Council should therefore be in a position to approve the Parliament’s position. MiFIR can then be formally adopted using the wording corresponding to the Parliament’s position.

View Information note: Proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories – outcome of the European Parliament’s first reading, 22 April 2014

MiFID II – Council confirms agreement with EP

The Permanent Representatives Committee has approved, on behalf of the Council of the EU, a compromise agreed with the European Parliament (EP) on MiFID II. The compromise was reached on 14 January 2014 between the Presidency of the Council and the EP and will enable adoption of the proposed legislation at first reading.

The final compromise texts of the draft Regulation and draft recast Directive have been published, as has a press release from the Council.

The draft legislation will now have to be approved by the EP, so as to allow final adoption by the Council once the texts have been finalised in all EU languages.

View Draft Recast Markets in Financial Instruments Directive – Final compromise text, 17 February 2014

View Draft Markets in Financial Instruments Regulation – Final compromise text, 17 February 2014

View Markets in financial instruments: Council confirms agreement with EP, 19 February 2014

Council of the EU publishes proposed general approach for MiFID II

On 19 June 2013, the Presidency of the Council of the EU published the following:

  • a proposed general approach to the draft recast Markets in Financial Instruments Directive;
  • a proposed general approach to the draft Markets in Financial Instruments Regulation; and
  • a covering note from the General Secretariat to the Council.

The General Secretariat invited the Council to confirm the agreement on the general approach at the meeting of the European Economic and Financial Affairs Council on 21 June 2013. The General Secretariat also invited the Presidency to start negotiations with the European Parliament on the basis of this general approach with a view to reaching an agreement at first reading.

View Council of the EU proposed general approach to the proposed recast Markets in Financial Instruments Directive, 19 June 2013

View Council of the EU proposed general approach to the proposed Markets in Financial Instruments Regulation, 19 June 2013

View Covering note from the General Secretariat to the Council concerning MiFID II, 19 June 2013

Council of the EU compromise proposals on MiFID II dated 10 June 2013

On 10 June 2013, the Presidency of the Council of the European Union published its compromise proposals for the proposed recast Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation.

The cover notes for the compromise proposals stated that the latest additions and changes were denoted by bold underlining and deletions by strikethroughs.

View Presidency compromise proposal: Markets in Financial Instruments Directive (recast), 10 June 2013

View Presidency compromise proposal: Markets in Financial Instruments Regulation, 10 June 2013

Council of the EU compromise proposals on MiFID II dated 4 June 2013

On 4 June 2013, the Presidency of the Council of the European Union published its latest compromise proposals for the proposed recast Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation.

The cover notes for the compromise proposals stated that the latest additions and changes were denoted by bold underlining and deletions by strikethroughs.

View Presidency compromise proposal: Markets in Financial Instruments Directive (recast), 4 June 2013

View Presidency compromise proposal: Markets in Financial Instruments Regulation, 4 June 2013

ECON publishes report on RRD

The European Parliament’s Economic and Monetary Affairs Committee (ECON) has published a report on the proposed Recovery and Resolution Directive (RRD) that it voted to adopt on 21 May 2013.

The report contains the following:

  • draft European Parliament legislative resolution on the proposed RRD. This contains amendments on the proposed RRD;
  • ECON opinion on budgets;
  • ECON opinion on legal affairs; and
  • procedure.

The European Parliament is scheduled to consider the proposed RRD at its plenary session to be held between 21 and 24 October 2013.

View ECON report on the proposed Recovery and Resolution Directive, 5 June 2013

Latest Council compromise proposals on MiFID II

On 15 April 2013, the Council of the European Union published its latest compromise proposals concerning the draft:

  • Markets in Financial Instruments Directive (recast); and
  • Markets in Financial Instruments Regulation.

The cover notes for both compromise proposals stated that the latest editions and changes were denoted by bold underlining and deletions by strikethroughs.

View Council compromise proposal - Markets in Financial Instruments Directive (recast), 15 April 2013

View Council compromise proposal - Markets in Financial Instruments Regulation, 15 April 2013

Latest Council compromise proposals on MiFID II

On 9 April 2013, the Presidency of the Council of the EU published a compromise proposal on the proposed Markets in Financial Instruments Directive (recast). On 10 April 2013, the Council also published a compromise proposal on the proposed Markets in Financial Instruments Regulation.

The cover notes to the compromise proposals stated that additions and changes are denoted by bold underlining and deletions by strikethrough.

View Proposal for a Directive on markets in financial instruments (recast): Presidency compromise, 9 April 2013

View Proposal for a Regulation on markets in financial instruments: Presidency compromise, 10 April 2013

Council of the EU compromise proposals on MiFID II dated 1 March 2013

On 1 March 2013, the Presidency of the Council of the EU published its latest compromise proposals concerning the draft:

  • Markets in Financial Instruments Directive (recast); and
  • Markets in Financial Instruments Regulation

The cover notes of both compromise proposals stated that the latest changes to the legislative proposals were denoted by bold underlining and deletions by strikethroughs.

View Presidency of the Council of the EU compromise proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC (Recast), 1 March 2013

View Presidency of the Council of the EU compromise proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR], 1 March 2013

Council of the EU compromise proposals on MiFID II dated 13 February 2013

On 13 February 2013, the Presidency of the Council of the EU published its latest compromise proposals concerning the draft:

  • Markets in Financial Instruments Directive (recast)
  • Markets in Financial Instruments Regulation

The cover notes of both compromise proposals stated that the latest changes to the legislative proposals were denoted by bold underlining and deletions by strikethroughs.

View Presidency of the Council of the EU compromise proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC (Recast), 13 February 2013

View Presidency of the Council of the EU compromise proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR], 13 February 2013

Council of the EU compromise proposals on MiFID II dated 4 February 2013

On 4 February 2013, the Presidency of the Council of the EU published its latest compromise proposals concerning the draft:

  • Markets in Financial Instruments Directive (recast)
  • Markets in Financial Instruments Regulation

The cover notes of both compromise proposals stated that the latest changes to the legislative proposals were denoted by bold underlining and deletions by strikethroughs.

View Presidency of the Council of the EU compromise proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC (Recast), 4 February 2013

View Presidency of the Council of the EU compromise proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR], 4 February 2013

Council progress report on MiFID II

The Presidency of the Council of the European Union has published a progress report concerning discussions within the Council concerning the legislative package amending the Markets in Financial Instruments Directive (MiFID II). The progress report provides an overview of the situation regarding the more important issues on the legislative package including those that may require further discussion at the political level.

The progress report covers:

  • Scope of the MiFID II proposals including exemptions. A broad agreement has been reached on this part of the proposals. The Presidency compromise proposal provides for a clear scope and narrowly framed exemptions with a view to avoid unintended consequences and loopholes.
  • Organised trading facility (OFT). The OTF category is an important issue for Member States and further work is required to reconcile opposing positions. One side is in favour of the introduction of the OTF category, but would like to make the rules less strict. The other side would like to make the OTF rules stricter or perhaps even remove the new category and ensure that organised trading can only take place on the existing types of execution venues, regulated markets (RMs) and multilateral trading facilities (MTFs).
  • Systematic internalisation (SI) and post-trade transparency rules for investment firms. The Presidency concludes that Member States are generally in favour of the amended SI regime.
  • Transparency for trading venues. The Presidency has introduced a mechanism which is widely supported by Member States. This mechanism deals with sudden changes in liquidity which allows a competent authority to temporarily suspend the transparency requirements when an instrument falls below a dynamic liquidity threshold.
  • Corporate governance. There appears to be a broad consensus on the Presidency approach which aligns the provisions in MiFID with the ones that are agreed on in the CRD IV, whilst acknowledging the need to keep specific requirements that are only relevant for investment firms.
  • Investor protection. A larger group of Member States appear to favour the Presidency compromise text which imposes stricter disclosure requirements on firms receiving inducements. However, a smaller group of Member States remain firmly committed to introducing a general ban on inducements.
  • MTFs, RMs and SME growth markets. Member States are broadly content with the Commission proposals in this area.
  • Authorisation and operating conditions for investment firms. The text in the latest draft compromise proposals is supported by a significant number of Member States. The discussions have mainly focussed on the organisational requirement, particularly on the telephone recording requirement.
  • Algorithmic trading, high frequency trading and direct electronic access. With the changes proposed by the Presidency, most Member States can support this regime.
  • Data reporting services and transaction reporting. One of the main controversial issues in this area related to the consolidated tape. However, a significant majority of Member States can now support the Presidency's latest compromise proposal.
  • Derivatives and clearing. Most Member States seem content with the provisions regarding the trading obligation. However, the non-discriminatory clearing access for financial instruments has proved to be a difficult issue throughout the negotiations and it will probably be necessary to seek guidance at the political level.
  • Position management, position limits and product intervention. One Member State remains concerned over the legality of some of the powers being assigned to the European Securities and Markets Authority.
  • Third country regime. Several Member States have expressed serious concerns and have strong reservations regarding the Commission proposal introducing a third country regime. There appears, however, to be broad agreement in relation to the compromise proposal brought forward by the Presidency.

View Council progress report on MiFID II, 13 December 2012

Council of the EU compromise proposals on MiFID II dated 3 December 2012

On 3 December 2012, the Presidency of the Council of the EU published its latest compromise proposals concerning the draft:

  • Markets in Financial Instruments Directive (recast).
  • Markets in Financial Instruments Regulation.

The cover notes of both compromise proposals stated that the latest changes to the legislative proposals were denoted by bold underlining and deletions by strikethroughs.

View Presidency of the Council of the EU compromise proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC (Recast), 3 December 2012  

View Presidency of the Council of the EU compromise proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR], 3 December 2012

Council of the EU compromise proposals on MiFID II (20 November 2012)

On 20 November 2012, the Presidency of the Council of the European Union published a compromise proposal concerning the European Commission’s legislative proposals for:

  • A Directive on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (recast).
  • A Regulation on markets in financial instruments.

View Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (Recast) - Presidency compromise, 20 November 2012

View Proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR] - Presidency compromise, 20 November 2012

Council of the EU compromise proposals on MiFID II (12 November 2012)

On 12 November 2012, the Presidency of the Council of the European Union published compromise proposals (dated 12 November 2012) for the European Commission's legislative proposals revising the Markets in Financial Instruments Directive. The latest proposals are both dated 12 November 2012.

The Presidency also published a note on the current state of play on the negotiations on the proposals.  The Presidency noted that following the latest meeting of the working party on financial services on 9 November 2012 there was not yet a qualified majority supporting an overall compromise mainly because of outstanding issues on the following provisions:

  • Standardised derivatives and clearing obligation (articles 28 - 30 draft Regulation). The non-discriminatory clearing access for financial instruments has split delegations into two groups. One group is in favour of maintaining the provisions of articles 28 and 29 whereas the other group is in favour of deleting these articles as they believe that non-discriminatory access will lead to fragmentation at the trading level and to a reduction in liquidity.
  • Organised trading facility (articles 18 and 20 of the draft recast Directive). Delegations are largely divided into two groups regarding this proposal. One group favours the introduction of organised trading facilities (OTFs) but would like to make the rules less strict. The other group would like to make the OTF rules stricter or even remove the new trading venue category and ensure that organised trading can only take place on the current types of execution venue, Regulated Markets and Multilateral Trading Facilities. These delegations have particular concerns on the possibility to execute clients’ orders in an OTF against the proprietary capital of the investment firm or market operator.
  • Transparency for trading venues (articles 3 to 10 draft Regulation). The Presidency has proposed to maintain all the pre-trade transparency waivers but to narrow down their scope. Delegations would also like to limit the pre-trade transparency waivers for non-equity markets. The Presidency has proposed to allow for waivers that are justified and narrowed down.

The Presidency aims to reach agreement on the Council’s general approach at the ECOFIN meeting on 4 December 2012.

View Presidency of the Council of the EU compromise proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (Recast), 12 November 2012

View Presidency of the Council of the EU compromise proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR], 12 November 2012

Council of the EU compromise proposals on MiFID II (7 November 2012)

On 7 November 2012, the Presidency of the Council of the European Union published compromise proposals (dated 7 November 2012) for the European Commission's legislative proposals revising the Markets in Financial Instruments Directive. 

View Presidency of the Council of the EU compromise proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (Recast), 7 November 2012

View Presidency of the Council of the EU compromise proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation on OTC derivatives, central counterparties and trade repositories [EMIR], 7 November 2012

ECOFIN update on CRD IV and banking union

The Council of the European Union has published a press release concerning its recent meeting in its configuration as the Economic and Financial Affairs Council (ECOFIN).

The press release notes the items that the ECOFIN debated including:

  • Bank capital requirements. The ECOFIN held a brief exchange of views on the CRD IV proposals and confirmed its commitment to reach an agreement with the European Parliament before the end of the year.
  • Bank supervision. The ECOFIN discussed the European Commission’s proposals for establishing a single supervisory mechanism for credit institutions in the eurozone and in other EU Member States wishing to participate. The aim is to reach agreement at the Council’s meeting on 4 December 2012.
  • Financial transaction tax. The ECOFIN took stock of developments regarding the introduction of a financial transaction tax. In the Council meeting in June it was suggested that a decision be taken by December 2012.

View Press Release: Council of the European Union - Economic and Financial Affairs, 13 November 2012

EU Council compromise proposals on MiFID II

On 5 November 2012, the Presidency of the Council of the European Union (the Council) published its latest compromise proposals for the European Commission's legislative proposals revising the Markets in Financial Instruments Directive. The cover note for both compromise proposals state that the latest additions and changes to the proposals have been marked up.

View EU Council compromise proposal on MiFID II, 5 November 2012

View EU Council compromise proposal on MiFIR, 5 November 2012  

EU Council reports on the outcome of the European Parliament’s October 2012 proceedings on MiFID II

On 31 October 2012, the Council of the European Union published the following:

  • An information note on the outcome of the European Parliament’s proceedings relating to the legislative proposal recasting the Markets in Financial Instruments Directive (MiFID II Directive). This information note contains the draft text of the MiFID II Directive in an Annex, as adopted by the European Parliament on 26 October 2012.
  • An information note on the outcome of European Parliament's proceedings relating to the legislative proposal for the Markets in Financial Instruments Regulation (MiFIR). This information note contains the draft text of MiFIR in an Annex, as adopted by the European Parliament on 26 October 2012.

The European Parliament decided not to vote on the draft legislative proposals during its plenary session held between 25 and 26 October 2012. Instead it is referring them back to its Committee on Economic and Monetary Affairs.

View Council of the EU information note on European Parliament's proceedings relating to MiFID II, 31 October 2012

View Council of the EU information note on European Parliament's proceedings relating to MiFIR, 31 October 2012  

Council compromise proposals on MiFID II published

On 22 October 2012, the Presidency of the Council of the European Union published its latest compromise proposals for the European Commission's legislative proposals revising the Markets in Financial Instruments Directive. The European Parliament is due to consider the legislative proposals at its plenary session to be held between 25 to 26 October 2012.

View Presidency of the Council of the EU compromise proposal on the proposed MiFID II Directive, 22 October 2012

View Presidency of the Council of the EU compromise proposal on the proposed MiFIR, 22 October 2012  

Latest compromise proposals for MiFID review

On 28 September 2012, the Presidency of the Council of the European Union published its latest compromise proposals for the European Commission’s legislative proposals revising the Markets in Financial Instruments Directive. The latest additions and changes were denoted by bold underlining and deletions through strike throughs.

View Presidency compromise proposal Markets in Financial Instruments Directive (recast), 28 September 2012

View Presidency compromise proposal Markets in Financial Instruments Regulation, 28 September 2012

Council publishes latest compromise proposals on MIFID review

On 19 September 2012, the Presidency of the Council of the European Union published its latest compromise proposals on both the proposed recast of the Markets in Financial Instruments Directive (MiFID II Directive) and the proposed Regulation on Markets in Financial Instruments (MiFIR).

View Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council - Presidency compromise, 19 September 2012

View Proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories - Presidency compromise, 19 September 2012

Council publishes latest compromise proposals on MIFID review

On 31 August 2012, the Presidency of the Council of the European Union published compromise proposals on both the proposed Markets in Financial Instruments Directive (recast) and the proposed Regulation on Markets in Financial Instruments (MiFIR).

The compromise proposals have been produced following discussions in meetings of the working party on financial services in July 2012. Latest additions and changes are denoted by bold underlining and deletions by strikethroughs.

View Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council - Presidency compromise, 31 August 2012

View Proposal for a Regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories - Presidency compromise, 31 August 2012

Presidency compromise proposal (20 June 2012)

On 20 June 2012, the Presidency of the Council of the European Union published a compromise proposal concerning the proposed Directive that recasts the Markets in Financial Instruments Directive. Additions and changes to the original Commission proposal for a recast Directive are denoted by bold underlining.

View Presidency compromise proposal - Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (Recast), 20 June 2012

Presidency progress report on MiFID review

On 20 June 2012, the Presidency of the Council of the European Union (the Presidency) published a progress report concerning the European Commission’s legislative proposals for the MiFID review. The progress report gave an overview of the situation regarding the more important issues concerning the draft legislation, including those which may require discussion at the political level.

The progress report was set out under the following headings:

  • Scope including exemptions. A majority of Member States were of the opinion that further elements should be included in the list of criteria to determine whether an activity is ancillary to the main business of a non-financial firm. The Presidency and the Commission will look into this further.
  • Organised Trading Facility (OTF). Member States were largely divided into two camps regarding the OTF proposal. One side was in favour, but would like to make the OTF rules less strict. The other side would like to make the OTF rules stricter or perhaps even remove this new trading venue category and ensure that organised trading can only take place on the existing types of execution venues.
  • Systematic internalisation (SI) and post-trade transparency rules for investment firms. Member States were generally in favour of an amended SI regime but more work was needed to reach agreement about the size of the quotes up to which the SI rules should apply.
  • Transparency for trading venues. Member States were divided over the application of general waivers from pre-trade transparency for non-equity instruments for request-for-quote and voice trading systems or for markets with trading restricted to professional participants.
  • Corporate governance. There appeared to be a broad consensus on the Presidency approach which aligns the provisions of MiFID with the ones that are agreed upon in the CRD IV, while acknowledging the need to keep specific requirements that are only relevant for investment firms.
  • Investor protection. The compromise text introduced by the Presidency imposes stricter disclosure requirements on firms receiving inducements. At the same time, it has introduced a possibility for firms to retain the ‘independent’ label if monetary inducements are passed in full to their clients. A larger group of Member States seemed to favour this regime, while also calling for more transparency through better disclosure of inducements. However, a smaller group of Member States seemed firmly committed to introducing a general ban on inducements.
  • MTF, regulated markets and SME growth markets. Member States were broadly content with the Commission’s proposals in this area.
  • Authorisation and operating conditions for investment firms. Member State discussions had mainly focused on organisational requirements, particularly the telephone recording requirement.
  • Algorithmic trading and direct electronic access. The Presidency had introduced certain changes which had led to most Member States supporting the regime for direct electronic access and algorithmic trading. However, there might still be a need to work more on the requirement for algorithmic traders to provide liquidity on a continuous basis regardless of prevailing market conditions.
  • Data reporting services and transaction reporting. Discussions between Member States had been constructive with the objective to clarify and strengthen the proposals, as well as to align the provisions with complementary legislation such as the Market Abuse Regulation and the Short Selling Regulation.
  • Derivatives and clearing. One Member State had expressed strong reservations about the provisions regarding non-discriminatory clearing and would prefer to delete them. Another Member State felt that there should be fewer options for restricting access. A few Member States had also expressed a desire to align the access provisions further with the European Market Infrastructure Regulation.
  • Position management, position limits and product intervention. Discussions had centred on the types of contracts that should be covered by position management, and the balance between position limits and other position management tools. Consideration had also been given to the benefits of a regime which was internationally consistent, including with the USA.
  • Competent authorities and sanctions. The most difficult aspect seemed to be the publication of sanctions, where a couple of member states had strong concerns.
  • Third country regime. Several Member States had expressed serious concerns and had strong reservations regarding the Commission proposal introducing a third country regime.

View Presidency progress report on MiFID and MiFIR, 20 June 2012

Council compromise proposals MiFID review

On 20 June 2012, the Presidency of the Council of the European Union published compromise proposals for the MiFID review.

View Presidency compromise proposal MiFID, 20 June 2012

View Presidency compromise proposal MiFIR, 20 June 2012

First compromise draft expected in May

In an FSA speech entitled Liquidity and the regulation of the markets David Lawton (Acting Director, Markets, FSA) states that the Council of the European Union is working to produce a compromise text in May. He also mentioned that the FSA expects negotiations to continue under the Cypriot Presidency (Cyprus will take over the Presidency of the Council of the EU in the second half of 2012).

View Liquidity and the regulation of the markets, 26 April 2012