ESMA updated its questions and answers (Q&A) on MiFID II and MiFIR commodity derivatives topics. The Q&A provide clarification on issues related to the MiFID II/MiFIR regime for commodity derivatives, including on position limits, position reporting, and ancillary activity.
On the ancillary activity test, Q&A numbers 3 and 10 were updated while Q&A 13 was deleted. On position limits and reporting, two new Q&A clarify the treatment of legacy positions on organized trading facilities and specifies further the types of firms that have to submit weekly position reports.
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 related to commodity derivative issues.
Keywords: Europe, EU, Securities, MiFID II, Ancillary Test, Commodity Derivatives, Q&A, ESMA
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