This Consultation Paper focuses on the new Level 3 guidance that will be included in the manual which is meant to provide further clarifications on:
issues related to post-trade transparency to improve the consistency and usability of the information published; and
the reporting to ESMA’s Financial Instruments Reference Data System - FITRS - for the performance of the transparency calculations.
The manual will provide a general overview of the post-trade transparency regime for equity, equity-like and non-equity instruments and will include in one single document:
legal references of Level 1 (MiFIR / MiFID II);
legal references of Level 2 (RTS 1 and RTS 2);
legal references of Level 3 (Opinions/Guidelines);
guidance included in previously published Q&As; and
new Level 3 guidance.
The European Commission adopted RTS 1 and RTS 2 on 17 January. ESMA sent a positive opinion on the latter regulatory technical standards at the end of 2022.
Interested parties are invited to send their feedback by 31 March 2023. The final report and the manual will then be published after the end of the consultation period and the end of the 3-month scrutiny period of Parliament and Council for the reviewed RTS 1 and 2.