ESMA's Technical Advice on MiFID II/MiFIR: Unintended Consequences for the Equity Culture Should be Avoided

In its position papers regarding the "technical advice" of ESMA on MiFID II/MiFIR Deutsches Aktieninstitut states that the new rules should not impact equity culture in Europe negatively. This applies especially for the offering of share investment advice in banks and the availability of research for SMEs. Besides, an appropriate definition should ensure that contracts for the delivery of commodities used by the real economy are not classified as derivatives.

The comment from 16 January 2015 is available here (in German only); the comment from 20 February 2015 here.