argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - MiFIR - waivers and deferrals

On November 21^st, 2022, the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, issued an annual report on waivers and deferrals, which included a framework of the European trading landscape that took place in 2021 when the EU had to face the challenges of the Brexit and the relocation process from the UK to the European Union. The process of trading under waiver and deferrals has increasingly become important in Europe and the discipline of such trading represents one of the challenges for the Union; in particular, the EU is concerned with shares and interest rate derivatives as well as the growing trading volumes from the year 2020 to 2021 after the UK approved the Brexit. ESMA showed difficulties in the data quality for the analysis and, consequently, the EU’s financial markets regulator addressed the issue recommending the addition of amendments to the text of MiFIR in order to allow ESMA to request data on the use of waivers and deferrals via the Financial Instruments Transparency System for non-equity instruments as well.