ESMA Q&A Update – MiFID II and MiFIR Commodity Derivatives Topics


MiFID II and MiFIR commodity derivatives


23 September 2022



CDR 2021/1833

RTS 21a

Level of Significance of Change


Main Points

The latest Q&A update is tied to the release of Commission Delegated Regulation (EU) 2022/1302 (RTS 21a) in April 2022 regarding position limits on commodity derivatives and changes to the ancillary activity exemption.

How Does This Change My Reporting?

Under Articles 57(1) and 58(1) of MiFID II, securitised derivatives are no longer subject to position limits and position reporting respectively.

With the update to Article 2(1)(j) of MiFID II, there is no longer a need to notify the relevant NCA of the ancillary exemption. However, firms must carry out an annual ancillary activity test in the first quarter of the calendar year and when a firm can no longer make use of the ancillary activity, the firm must apply to the NCA for a license.

What Do I Need to Do?

No reporting changes necessary.


Article Author:


Stay in the Know

Recent Articles:


What is an NFC-?

Entering into derivative transactions, you become a ‘counterparty’.
EMIR introduces two types of counterparties: Financial Counterparties (FC) or Non-Financial Counterparties (NFC).

Repo Agreements
About TRAction

How Are Repurchase Agreements Reported for SFTR?

A repurchase agreement (repo) is a form of short-term secured loan where one party sells securities to another and agrees to repurchase those securities later at a higher price with the securities serving as collateral for the borrower.


Refit, Rewrite, RTS, EMIR II; Navigating the Maze of EMIR Version Names

Regulatory reporting is hard enough without the confusion over which version of each regime is the latest. EMIR has gone through a number of variations since it was first implemented in 2012. We thought it would be a great time to outline what the EMIR version names relate to and where we are currently at as we anticipate further changes to the regime.


Reminder: Daylight Saving Time Ends this Weekend for New York

Are you reporting trades by New York (NY) time or following NY close of business? If so, it is important to check your trades/transactions are still reported at the correct time now that daylight saving time (DST) has started in the US (13 March 2022).