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European
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ESMA launches call for evidence on the retail investor journey under MiFID II
On 21 May 2025, the European Securities and Markets Authority (ESMA) launched a call for evidence (CfE) on the retail investor journey under the Markets in Financial Instruments Directive II ((EU) 2014/65) (MiFID II). The aim of the CfE is to gather stakeholder feedback surrounding barriers to participation in capital markets and to understand whether simplifications would facilitate investor engagement with capital markets. The CfE explores areas such as key retail market trends, practical application of MiFID II requirements, and the investor experience under the European crowdfunding framework.
Interested parties are invited to submit their feedback until the deadline of 21 July 2025. The responses will assist ESMA and National Competent Authorities in assessing whether regulatory adjustments are required.
Delegated Regulation supplementing MiFIR published in the Official Journal of the EU
On 22 May 2025, Commission Delegated Regulation ((EU)2025/1003) supplementing Markets in Financial Instruments Regulation ((EU) 600/2014) (MiFIR) was published in the Official Journal of the EU. The objective of the Delegated Regulation is to comply with the mandate under MiFIR to specify the identifying reference data to be used with regard to over-the-counter derivatives for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21.
The Commission Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal.
Final report on the technical advice concerning MAR and MiFID II SME Growth Markets
On 7 May 2025, ESMA published its final report on technical advice concerning the Market Abuse Regulation((EU) 596/2014) (MAR) and MiFID II SME Growth Markets. The report’s publication follows a request from the European Commission for technical advice on a range of topics following the legislative changes that occurred following the publication of the EU Listing Act package in the Official Journal on 14 November 2024.
With regards to the MAR, the advice relates to:
With regards to MiFID, the review focuses on the requirements for multilateral trading facilities and segments for the purpose of registration as an SME Growth Market.
For more information on these topics please contact any member of A&L Goodbody's Asset Management & Investment Funds team.
This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.