New Q&As
Shortly after our last newsletter, in which we reported on recent developments in MiFID II and MiFIR, ESMA published a new Q&A on MiFID II and the topic of EMIR reporting. This Q&A clarified that derivatives on emission allowances not recognized under the EU ETS are included, in the financial instruments listed in Annex I, section C (4) of MiFID II, thus making them reportable under EMIR. The link to this Q&A can be found here.
More recently, on 11 October 2024, ESMA published a new Q&A on the topic of secondary markets and position limits; as regards lot sizes and position limits, ESMA has now clarified how the open interest in lots should be calculated for gas derivatives, for the application of position limits in Article 57(1) of MiFID II. The link to this Q&A can be found here.
Updated Q&A and other ESMA guidance
On 16 October 2024, ESMA published updates to various existing Q&A on transparency and market structure issues. A list of the specific Q&A which have been updated is available in the footnotes to the ESMA press release which is available here.
On the same day, ESMA also published updated versions of its Manual on post-trade Transparency and its Opinion on the assessment of pre-trade waivers considering MiFIR Review Transitional Provisions.
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