| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2024/791 |
| Publication Date | 08/03/2024 |
| Content Type | Blog & Commentary, Legislation, Policy-making |
Summary:Regulation (EU) 2024/791 - adopted by the co-legislators on 28 February 2024 - introducing amendments to Regulation (EU) No 600/2014 (also known as MiFIR) as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow. This is a text with EEA relevance. Further information:This Regulation introduces a European consolidated tape, seeking to give investors access to near real-time trading data for stocks, bonds and derivatives across all trading venues in the EU. It aims to enhance the level playing field between stock exchanges and investment banks. It also promotes the international competitiveness of EU trading venues by removing the open access rule. The initiative was one of a series of measures aimed at implementing the Capital Markets Union (CMU). In a Communication adopted in 2021, the European Commission confirmed its intention to table a proposal to improve, simplify and further harmonise capital markets' transparency, as part of the review of the MiFIR. The 2020 CMU Action Plan already included the intention to put forward a legislative initiative on the establishment of a consolidated tape. The draft law was adopted by the European Commission on 21 November 2021 as part of a package of legislative measures on the CMU, among which the review of the MiFID which accompanies this Directive. The Council of the European Union adopted a general approach to the proposal on 20 December 2022. The European Parliament's relevant committee adopted its negotiating position on 2 March 2023. An informal agreement between the co-legislators on a compromise text for the file was reached on 29 June. This was formally endorsed by Parliament on 16 January 2024 and by the Council on 20 February. The Act was signed by the co-legislators on 28 February 2024 and published in the Official Journal on 8 March 2024. |
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| Source Link | http://data.europa.eu/eli/reg/2024/791/oj |
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| Subject Categories | Business and Industry, Internal Markets |
| Subject Tags | Capital Markets Union [CMU], Financial Services |
| Keywords | data, Free Movement of Capital |
| International Organisations | European Union [EU] |
