The European Securities and Markets Authority has launched a consultation process.

The European Securities and Markets Authority (ESMA) has launched a consultation process regarding the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and the associated Regulation (MiFIR). This is the first step in the process of translating the European Union's MiFID II/MiFIR reforms into practically applicable rules and regulations, the better to protect investors from sharp practice. The main reforms as far as investors are concerned are limits on the use of sales commissions; a new atmosphere for independent investment advice; strict rules for product design and distribution; product intervention powers; and the disclosure of costs and charges. ESMA will hold three public hearings about secondary markets, investor protection and commodity derivatives issues on Monday 7 and Tuesday 8 July.