On MiFID and MAD, depending on when European co-legislators finalise their negotiations, 2014 may still see further drafting of Level 2 implementing measures along with national implementation. The actual application of new texts in practice, which may occur in 2014 or 2015, will then be coordinated by ESMA which may entail the drafting of guidelines to ensure supervisory convergence. It may also require further tasks such as, under MiFID II, the determination of derivatives subject to the obligation to trade on organised venues, and under MAR/MAD, the coordination of cross border investigations and of cooperation
