Esma hits back at "overly burdensome" Mifid II phase-in

Agency resists EC proposal for annual liquidity review

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The European Securities and Markets Authority (Esma) is warning against parts of a European Commission proposal to phase in Europe's incoming trading and transparency rules, which would see the full effect of the requirements being pushed back four years.

Esma says in an opinion issued on May 3 that it backs a gradual rollout of the liquidity determinations and the threshold at which a carve-out from the second Markets in Financial Instruments Directive (Mifid II) would apply. But it opposes the

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