Commission publishes draft interpretative notice on the transitional provision of the MiFIR review

The European Commission has published a draft interpretative notice to provide clarity to market participants on the transitional provision of the Markets in Financial Instruments Regulation (MiFIR) review.

The revised MiFIR rules, politically agreed in June 2023, will apply from 28 March 2024, with certain elements of the regulation phasing in over the coming years. The new rules cover the limitations regarding “dark trading” (trading without pre-trade transparency), moving from a double to a single volume cap.