On August 26, 2015, the European Securities and Markets Authority (ESMA) published an updated version (dated August 21, 2015) of the waiver document (ESMA/2011/241g) that sets out its assessment of applications for waivers from pre-trade transparency requirements under the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).

The waiver document is aimed at competent authorities under MiFID to ensure that, in their supervisory activities, their actions converge with the opinions provided by ESMA. The examples are also intended to provide clarity on the MiFID requirements for pre-trade transparency.

In the updated waiver document there is one new ESMA opinion that relates to the submission of large-in-scale orders with two different price limits. The new opinion is written in red.