E.U. – ESMA MiFID II Transparency FAQ On 4 January 2019, ESMA updated FAQs on MiFID II and MiFIR transparency. Equity transparency, Q4 (new): requests for market data transactions publication. Equity transparency, Q3 (amended): default transparency for equity instruments. Non-equity transparency Q15 (new) on default LIS and SSTI thresholds for bonds.