The Committee of European Securities Regulators (CESR) has left the door open for late responses to its MiFID consultation papers, but still expects to send advice to the European Commission within two months.
CESR, which is responsible for ensuring supervisory convergence across the member states of the European Union, sent out three consultation papers in April to seek comment from market participants on proposals for reforms to MiFID relating to investor protection and intermediaries, transaction reporting and secondary markets.
Responses to the consultation papers will help to shape CESR’s advice to the European Commission (EC) as it prepares to undergo a review of MiFID in the second half of the year, the first since the directive’s inception in November 2007. The consultation paper on secondary markets tackles issues such as the need for a post-trade consolidated source of data, the regulation of different types of trading venues, use of pre-trade transparency waivers by dark pools and the delays used for trade reporting.
The closing date for sending comments was 31 May, but CESR has delayed publicly posting responses on its website while some organisations finalise their submissions.
Once the responses have been collated, CESR’s standing committees will start working on summarising the feedback and drafting its advice to the EC. Both documents will be published before the end of July and will also include information collected from a series of open hearings related to each consultation paper, which CESR conducted with industry participants in recent weeks.
CESR said it does not envisage holding any further discussions with market participants.
CESR completed a separate call for evidence on micro-structural issues at the end of April which sought comment on high-frequency trading, fee structures, indications of interests, co-location, sponsored access and tick size regimes. The submissions are also expected to be fed into the EC’s MiFID review.