The European Securities and Markets Authority (ESMA) announced on 22 October that it is streamlining a set of Q&As on market structure under MiFID II, the Market Abuse Regulation (MAR) and the Short Selling Regulation (SSR). Q&As that have become outdated or duplicate other texts are being withdrawn or amended. The move is part of ESMA's simplification and burden reduction initiative. The updated Q&As are available in the Q&A tool on the authority's website.
What it means: ESMA's Q&As are not law, but in practice they guide how supervisors and firms interpret the rules, and many compliance teams use them as a reference point. Over the years hundreds have piled up, some referring to provisions that have since changed, for example after the MiFIR review. Withdrawing them reduces the risk of a firm following guidance that no longer applies. For Greek investment firms, banks offering investment services and listed companies applying MAR, for example on disclosing inside information or on managers' transactions, the practical step is to check whether internal procedures refer to Q&As that have changed or been withdrawn, and to update compliance manuals accordingly. The Hellenic Capital Market Commission applies the same guidance, so the changes directly affect the Greek market. More broadly, the move reflects the trend among European authorities to cut back secondary guidance, after market complaints that the compliance burden had become disproportionate, especially for smaller players. That does not mean looser rules, but fewer and clearer texts.
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