ESMA Publishes A Final Report Of Draft Technical Standards Under Article 10a(8) Of Markets In Financial Instruments Directive (MiFID) On The Assessment Of Acquisitions And Increases In Qualifying Holdings In Investment Firms

Reasons for publication

Article 10b(4) of the Markets in Financial Instruments Directive (MiFID[1]) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided by the proposed acquirer at the time of the initial notification. This information is aimed at ensuring that competent authorities are provided with adequate and proportionate information in order to assess the acquisition. Article 10a of MiFID, as amended by Article 6(4) of the Omnibus Directive[2], requires ESMA to draft:

• regulatory technical standards (RTS) to establish an exhaustive list of information referred to in Article 10b(4) of MiFID.[3]
• implementing technical standards (ITS) to determine standard forms, templates and procedures for the cooperation and exchange of information between the relevant competent authorities as referred to in Article 10(4) of MiFID.

ESMA submitted the draft RTS and ITS to the European Commission (Commission) by 1 January 2014. The Commission has three months to decide whether to endorse ESMA’s draft technical standards.

Document reference 2013/1940