29 March 2021
MIFID – INVESTOR PROTECTION
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes its advice to the European Commission (EC) on the application of administrative and criminal sanctions under the Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).
The technical advice addresses the application of administrative and criminal sanctions, and particularly the need to further harmonise the administrative sanctions set out for infringements of MiFID II/MiFIR requirements.
ESMA’s technical advice includes proposals to:
- amend the MIFID II requirements for National Competent Authorities (NCAs) to disclose and report information on sanctions and measures;
- amend the MIFID II requirement for NCAs to liaise with judicial authorities to gather information on criminal sanctions;
- include settlement powers among the range of sanctions and measures of Member States’ national NCAs to increase the efficiency of their enforcement proceedings; and
- amend the current requirements on MiFID II precautionary measures.
Source: ESMA advises the European Commission on the application of sanctions under MiFID II/MiFIR