Regulatory Alerts2015-03-27
Technical Standards on Assessing Acquisitions and Increases in Qualifying Holdings in Investment Firms under MiFID
The European Securities and Markets Authority (ESMA) has finalized draft regulatory and implementing technical standards to standardize the exhaustive list of information required from proposed acquirers seeking to purchase qualifying holdings in investment firms under MiFID. These standards correct a prior legislative reference error, align the framework with the upcoming MiFID II directive, and establish clear prudential assessment criteria regarding acquirer reputation, financial soundness, and consolidated supervision. The finalized rules also adapt information obligations for third-country entities and intra-group transactions to ensure proportionality while maintaining a harmonized supervisory approach across the European Economic Area.