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ESMA UPDATES ITS Q&AS ON MIFID II AND MIFIR COMMODITY DERIVATIVES TOPICS

27 March 2019

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on MiFID II and MiFIR commodity derivatives topics. These Q&As provide clarification on issues related to the MiFID II/MiFIR regime for commodity derivatives, including on position limits, position reporting and ancillary activity.

A new answer and an update are provided on the following topic: 

  • Ancillary activity: ESMA clarifies the scope of the ancillary activity test and updates a previous Q&A on the deadline for the notification to make use of the ancillary activity exemption.

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provide responses to questions raised by market participants in relation to the practical application of the level 1 and level 2 provisions relating to commodity derivative issues.

ESMA will continue to develop these Q&As in the coming months and will review and update them where required.