The updated Q&A includes a new answer in relation to the segregation level for indirect clearing accounts.

MiFID II will enter into application on 3 January 2018 and will strengthen the protection of investors by both introducing new requirements and strengthening existing ones.

The purpose of this Q&A is to promote common supervisory approaches and practices in the application of MiFID II/ MiFIR for post-trading topics, providing responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of MiFID II/MiFIR requirements.

The Q&As include two new answers regarding the following topics:

• Authorisation and registration: on the obligations applicable to administrators; and
• Requirements for users: regarding the written plans to be produced by supervised entities.

The purpose of this document is to be a practical convergence tool used to promote common supervisory approaches and practices in the application of the BMR. It should also help investors and other market participants by providing clarity on the requirements. ESMA will periodically review these Q&As and update them where required.

The Q&As include two new answers regarding the following topics:

• Authorisation and registration: on the obligations applicable to administrators; and
• Requirements for users: regarding the written plans to be produced by supervised entities.

The purpose of this document is to be a practical convergence tool used to promote common supervisory approaches and practices in the application of the BMR. It should also help investors and other market participants by providing clarity on the requirements. ESMA will periodically review these Q&As and update them where required.