ESMA streamlines market structure guidance under EU trading rules
The European Securities and Markets Authority is revising parts of its market structure guidance to align supervisory material with the current EU rulebook. The changes affect Q&As tied to MiFID II, the Market Abuse Regulation and the Short Selling Regulation as part of the regulator's simplification and burden reduction effort.
Highlights
- ESMA updated its market structure Questions and Answers by removing or revising outdated, duplicative, or irrelevant guidance under MiFID II, MAR, and SSR.
- The revisions aim to eliminate unnecessary complexity and ensure interpretations align with legislative amendments and current market practice.
- Market participants must adapt to changes as some longstanding interpretive materials are no longer available, reflecting a broader EU capital markets compliance rationalization.
Updated guidance under simplification drive
As reported by ESMA, citing the European Securities and Markets Authority, the regulator has updated its Questions and Answers on market structure by removing or revising guidance it considers outdated, duplicative or no longer relevant.The review covers Q&As issued under MiFID II, the Market Abuse Regulation, known as MAR, and the Short Selling Regulation, or SSR. ESMA says the exercise focuses on items made less relevant by legislative amendments now reflected in established market practice, as well as issues already addressed in other ESMA materials, including supervisory briefings and opinions.
The regulator says the initiative is intended to cut unnecessary complexity, eliminate obsolete guidance and keep its published interpretations proportionate and consistent with the current legislative framework.
Implications for market participants
For firms, traders and other stakeholders, the update means some long-standing interpretive material is no longer available in its previous form, while other entries have been amended to better match the current rules.ESMA is encouraging market participants to use the revised set of Q&As alongside its other guidance to obtain the most complete reading of applicable requirements. The move also signals a broader supervisory push to rationalize compliance documentation across EU capital markets.
In our earlier article on Mario Draghi’s policy warning on debt, inflation and investment, we explained his argument that keeping interest rates above growth for too long can worsen debt dynamics and ultimately raise pressure for “fiscal dominance.” We also noted his view that central banks should prioritise inflation control while aiming for the lowest rate path consistent with price stability, alongside EU-level measures such as market integration and targeted investment support to protect long-term growth.
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