large-in-scale orders and waivers

08:49 Dec 21, 2010 

Equity markets
3.1.1. Pre-trade transparency
The Commission services consider some changes to the framework directive to be required to ensure the waivers are applied consistently and coherently and to give
ESMA a role in monitoring their use. The Commission services suggest that:
a) Implementing acts could be proposed on the specific methods for the application of the waiver rules in order to ensure legal certainty regarding their interpretation;
b) ESMA could also be required in the framework directive to monitor the waivers on an ongoing basis and to report annually to the Commission about their use;
c) Competent authorities of Member States could be obliged to notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. ESMA could then be required to publish an opinion about whether the use of the waiver is consistent with MiFID.
If a competent authority proposed to allow the use of the waiver contrary to an ESMA opinion it would be required to publicly justify its reasons for doing so;
d) An actionable indication of interest (i.e. an indication of interest that includes all necessary information to a

08:30 Dec 21, 2010 

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