ESMA published three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II and MIFIR). In its opinions, ESMA agreed with the proposed position limits regarding feed wheat, jet kerosene, and gasoline.
ESMA found that the proposed position limits are consistent with the objectives established in MiFID II and with the methodology developed for setting those limits. ESMA will continue to assess the notifications received and issue opinions to ensure that the position limits are set in accordance with the MiFID II framework.
MiFID II provides for all commodity derivatives traded on trading venues and economically equivalent OTC contracts to be subject to position limits. Relevant national competent authorities have to establish position limits on the basis of the methodology for calculation determined by ESMA in regulatory technical standards, RTS 21. To further assist market participants with the implementation of the MiFID II position limit framework, ESMA publishes a list of liquid commodity derivatives currently identified by the relevant national competent authorities. The list is exclusively based on submissions by the relevant national competent authorities and will be subject to change. It is therefore advisable to check the list regularly.
Keywords: Europe, EU, Securities, MiFID II, MiFIR, Position Limits, Commodity Derivatives, Opinion, ESMA
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.