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The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR.

The new Q&As provide clarification on the following topics:

• Classification of derivatives on derivatives for transparency purposes;

• Default liquidity status of bonds (amendment to an existing Q&A);

• Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR;

• Market Making activities and incentives to be provided during stressed market conditions;

• Treatment of bulk quotes for the calculation of the Order to Trade Ratio;

• Scope of Article 17(6) of MiFID II and Chapter IV (Articles 24-27) of Delegated Regulation (EU) 2017/589 (RTS 6);

• Arranging of transactions that are ultimately formalised on another trading venue;

• Registration of a segment of an MTF as an SME growth market; and

• Maker Taker schemes.