The European Securities and Markets Authority (ESMA) has published its final report on Markets in Financial Instruments Directive (MiFID) II and the related EU regulation (MiFIR). It covers the draft regulatory and implementing technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities, as well as those on investor protection topics.

The remaining draft technical standards that ESMA will develop under MiFID II and MiFIR will be published by the end of 2015.

The final report also includes feedback and analysis of the responses to the consultation paper. It describes any material changes to the technical standards set out in Section III (or confirms that there have been no material changes), and explains the reasons for this in the light of feedback received.

The report is divided into three sections:

• Section II contains the analysis of technical standards following the responses to the consultation.
• Section III contains the draft technical standards.
• Section IV contains the cost-benefit analysis.

The final report was submitted on 29 June 2015 and the European Commission has three months from that date to endorse the regulatory and implementing technical standards.

The full text of the final report is available here.