Regulatory Alerts2025-04-10
Final Report on SI notification, volume cap and circuit breakers
ESMA issued this final report to implement technical standards mandated by the revised MiFIR and MiFID II, covering Systematic Internaliser notifications, volume cap adjustments, and circuit breaker requirements. The document establishes a new ITS for SI notifications with a simplified template and extended timeline, while amending RTS 3 to transition from a double to a single volume cap and reduce reporting burdens. Additionally, it introduces RTS 7a to recast organizational requirements for trading venues, integrating new circuit breaker provisions and aligning with the DORA framework.
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