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MiFID II - Parties involved

The European Commission prepared the original proposal for MiFID II. It also played a major role in working out the Directive by drawing up delegated acts. The European Securities and Markets Authority (ESMA) also had an important role in detailing the Directive. ESMA prepared the technical standards based on the Directive, i.e. the regulatory technical standards (RTS) and the implementing technical standards (ITS).

Now that MiFID II has been adopted, the European Commission has to ascertain whether these European rules have been implemented in national legislation.
One of ESMA's duties is to determine whether national supervisors conduct supervision in accordance with the EU rules. ESMA itself has a supervisory role, for example, the provision of position limits for traders in commodity derivatives. It also has a coordinating role, it should detect and remove bottlenecks that impede supervision. In addition, ESMA has the authority to draw up recommendations and guidelines.

In the Netherlands, MiFID II has been implemented by the Ministry of Finance. For more information, please see ‘Implementation in national laws’. 

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