ESMA · ESMA_QA_1666 Answer Published

Application of MiFID II after 3 January 2018, including issues of ‘late transposition’

Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic
Multilateral and bilateral systems
Submitted
2017-12-18
Answered
2017-12-18
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Question

Should authorisations as a regulated market granted under MiFID I still be valid after 3 January 2018?

Answer

[ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 7.1] Yes, the authorisations granted under MiFID I should continue to be valid after 3 January 2018. This applies also to the authorisations for market operators to operate an MTF. However, ESMA notes that competent authorities, as set out in Article 44 of MiFID II (and, already, Article 36 of MiFID I), should monitor that market operators comply at all times with the conditions for initial authorisation and therefore regularly review conditions for initial authorisation.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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