ESMA consults on new regimes for third country firms

The European Securities and Markets Authority (ESMA) last week launched a consultation on draft technical standards relating to investment services and activities in the European Union (EU) by third-country firms under MiFIR and MiFID II.

According to the pan-European regulator, ‘These changes include new reporting requirements from third-country firms to ESMA on an annual basis in accordance with Article 46 of MiFIR, and also grants ESMA the power to ask third-country firms in the ESMA register to provide data relating to all orders and all transactions in the EU, whether on own account or on behalf of a client, for a period of five years.’Having launched in January 2018, MiFID II provides a harmonised regime for granting access to EU markets for firms in third countries.The closing date for responses is 31 March 2020, with stakeholders able to submit their replies here.