France – AMF MiFID II Implementation

On 2 November, AMF proposed rules for final implementation of MiFID II.

  • he proposals amend procedures for the approval of investment service providers.
  • Amendments concern Book III and Book V of AMF’s General Regulation (RGAMF).

MiFID Implementation

  • Rules relate to authorization procedure for management, MTFs and position limits.
  • But also introduce provisions for the managers of organized trading facilities, data.
  • AMF is also proposing deleting sections which have now been superseded by MiFIR.
  • Investment advisers to be subject to equivalent conduct rules as investment firms.


  • Comments are due before 1 December 2017.

Malta – MFSA MiFID Trade Reporting

On 2 November, MFSA issued circular on transaction reporting for MiFID II.

  • On 26 October, MFSA seminar on MiFID II provided overview of legislative requirements.
  • During seminar industry raised queries relating to transaction reporting requirement.
  • Circular provides further analysis on some queries which were raised during seminar.
  • Guidance on content, timeline, collective investment schemes, legal entity identifiers.

Trade Reporting

  • MFSA will replicate TRS fields in Transaction Reporting Exchange Mechanism (TREM).
  • Three-phased approach to adopt TREM: on registration; connectivity test; validation.
  • Phase 1 – Registration, all entities which will submit, to file form to get TREM access.
  • Phase 2 – entities registered for TREM, able to test connectivity with MFSA mid-Nov.
  • Phase 3 – MFSA will be ready to receive reports for validation testing mid-December.
  • Submit compressed files, of XML file on MIFIR XSD schema will be parsed, validated.

Funds and LEI

  • MiFIR does not apply to managers of Collective Investment Schemes, as per details.
  • Cited MFSA 9 August 2016, circular reminding of need for legal entity identifier (LEI’).


  • MiFID II enters into force on 3 January  2018.