Poor old Esma. Tasked with implementing the Markets in
Financial Instruments Directive II (Mifid II) and poised to
announce its level one consultation, the regulator is
increasingly being made aware of its shortcomings.
The discussion paper on Mifid II is due to be published at
the beginning of June. Esma's latest assessment is that it will
run to 400 pages, with around 100 pieces of technical work
expected too. Chairman Steven Maijoor...