RTS 28 Data Requirements ‘Misleading, Confusing’

Mifid II’s RTS 28 reporting requirements require data that may be of little value, or worse, could be misleading.


RTS 28 is a regulatory technical standard developed by the European Securities and Markets Authority (Esma) to nail down the specifics of best execution under the revised Markets in Financial Instruments Directive (Mifid II). Although Mifid II came into force Jan. 3, 2018, April 30 is the deadline for RTS 28 disclosures to be published.

“The data that’s being required to be published isn’t particularly helpful for the end consumer or clients. If anything, we think it’s misleading, if not

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