The development of MiFID will strengthen ESMA’s role in product intervention. The proposals seek to strengthen investor protection through an even stronger framework for the provision of investment services to retail clients and possibly a more proactive approach from NCAs. MiFID will also require ESMA and NCAs to revise the current Transaction Reporting Exchange Mechanism (TREM) and the Reference Data System (RDS), to include extensions to financial instruments traded on MTFs, OTFs and to the scope of transaction reporting obligations and suspensions and removals from trading The review of the market abuse regime will also form part of ESMA’s regulatory single rulebook.
