Congratulations, you’ve (almost) reached Level 2

With the election of the European Parliament scheduled for May 2014, the Level 1 texts of MiFID II, MAD II and CSD Regulation are likely to be agreed before then. This means that next year will be all about drafting and agreeing the Level 2s for those laws.

ESMA kicked things off at the end of last week, publishing the first discussion paper on the implementation of the Market Abuse Regulation. Market participants have until 27th January 2014 to respond, after which ESMA will prepare consultation papers on both its draft technical standards and its technical advice to the Commission. The latter must be delivered within eight months from the date of entry into force of the MAR text, while the timeline for the technical standards remains open.

This paper is the first of many to come, discussing the nitty-gritty of European regulation and, thankfully, leaving the politics behind. Next challenge, Level 2.

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