On Wednesday 28 August, AIMA responded to the European Securities and Markets Authority's (ESMA) consultation paper on amendments to RTS 2 on non-equity transparency.

The response highlights key principles for ESMA to consider as it amends the post-trade deferrals regime for bonds, structured finance products and emission allowances.

• Ensure that the calibration of deferrals is data-led; and
• Set volume caps for large-in-scale trades.

ESMA will publish a Final Report and submit the draft amended RTS to the European Commission by 29 December 2024. ESMA will consult on amendments to RTS 2 relating to the transparency regime for derivatives in Q4 2024.

If you have any questions on the EU's MiFIR/MiFID II Review, please contact Aniqah Rao.