The European Commission published official proposals on 20 October for the review of the Markets in Financial Instruments Directive (MiFID), in the form of a regulation and a directive.  

Alongside proposals for the MiFID review, the European Commission published draft amendments to the Market Abuse Directive, also in the form of a regulation and a directive, whose objective is to harmonise criminal penalties for abuse. The overall ambition of the Commission is to strengthen market integrity. 

In light of the changes prompted by the review of European directives on the organisation of market and post-trade services as well as by planned mergers among exchange operators in Europe, AMAFI’s Board addressed the issue of competition among market infrastructures (AMAFI / 11-40). 

AMAFI responded (AMAFI / 11-38) to the ESMA consultation on Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities.