June 07, 2017

EC published, in the Official Journal of the European Union, the Commission Implementing Regulation (CIR 2017/953) that lays down standards on the format and timing of position reports by investment firms and market operators of trading venues, pursuant to the second Markets in Financial Instruments Directive (MiFID II or Directive 2014/65/EU). This regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and it shall apply from January 03, 2018. To ensure smooth functioning of the financial markets, it is necessary that the provisions laid down in CIR 2017/953 and in MiFID II apply from the same date.

The regulation CIR 2017/953 specifies that market operators and investment firms referred to in Article 58(1) of MiFID II shall send ESMA the weekly report referred to in point (a) of that Article regarding the aggregate positions held at the close of business of each week no later than Wednesday 17.30 CET of the following week. Where either Monday, Tuesday, or Wednesday of the week in which that report is to be submitted is not a working day for the market operator or investment firm referred to in the first paragraph, that market operator or investment firm shall submit the report as soon as possible and no later than Thursday 17.30 CET of that week. CIR 2017/953 is based on the draft implementing technical standards submitted by ESMA to the EC. ESMA has conducted open public consultations on the draft implementing technical standards on which CIR 2017/953 is based, analyzed the potential related costs and benefits, and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010.

 

Under MiFID II, market operators and investment firms operating a trading venue on which financial instruments, such as commodity derivatives, emission allowances, and derivatives thereof, are traded are required to make public a weekly report. This report should contain the aggregate number of persons holding the contract and the total open position for each commodity derivative, emission allowance, or derivative thereof, which exceeds the thresholds specified in regulatory technical standards for the application of position limits to commodity derivatives (Commission Delegated Regulation or CDR (EU) 2017/591) and communicate that report to ESMA. Timely submission of reports previously published by the respective trading venues within a clear and common deadline facilitates the weekly centralized publication by ESMA of those reports from across the EU. This is intended to bring greater transparency to markets in commodity derivatives, emission allowances, and derivatives thereof.

 

Related Links

CIR 2017/953 (PDF)

CDR (EU) 2017/591

MiFID II and Related Regulations

EMIR and Related Laws

Effective Date: June 27, 2017

Keywords: Securities, Europe, EC, MiFID II, OTC Derivatives, Trading Venues, Reporting

 


Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118