The European Securities and Markets Authority (ESMA) has changed several answers on EU financial market rules, removing material it considers outdated and aligning its guidance with current legislation.
ESMA said the Oct. 22 review concerns Q&As on market structure under three frameworks: the Short Selling Regulation, MiFID II and the Market Abuse Regulation.
Some answers were no longer relevant after legislative amendments were reflected in established market practices, the regulator said. ESMA also said some of the same issues are covered in its supervisory briefings and opinions.
ESMA placed the review within its Simplification and Burden Reduction initiative. It said the effort is intended to remove unnecessary complexity and obsolete guidance while keeping the Q&As proportionate and consistent with current law. The authority advised stakeholders to read the updated answers alongside its broader guidance when interpreting the rules.
