The European Council has recently put forward amendments to the L1 text of MiFIR (Markets in Financial Instruments Regulation). This piece aims to summarise the key changes that will impact reporting obligations.
Upcoming Steps
Adoption by Parliament: Expected in Q1 2024.
Drafting of Updated RTS 22 by ESMA: Following adoption, the European Securities and Markets Authority (ESMA) will have 18 months to draft updated RTS 22 in accordance with MiFIR Article 26 (9).
Implementation Period: It is anticipated to be up to 18 months, though this is yet to be confirmed.