MiFID: EFAMA replies to ESMA consultation on RTS 2 Annual Review Capital Markets | MIFID | Distribution & Client Disclosures | MiFID/MiFIR 11 June 2021 | Policy position download Capital Markets MIFID Distribution & Client Disclosures EFAMA replied to a specific question on moving to stage 3 for the determination of the liquidity assessment of bonds. Contact Susan Yavari Deputy Director, Capital Markets and Digital