MIFID II – EMSA updates Q&As on commodity derivatives topics and asks European Commission to clarify “ancillary activity” test under MiFID II

ESMA updated its Q&As on 27 March 2018 on commodity derivatives topics (ESMA70-872942901-36).

The new Q&As provide clarification on issues related to the MiFIDII/MiFIR regime for commodity derivatives, including on position limits, position reporting, and ancillary activity.

Read the Q&As in full. 

Read the associated press release. 

ESMA formally wrote to the European Commission on 9 April 2018 asking for it to clarify the “ancillary activity” test under MiFID II, in the context of when a firm’s commodity derivative trading activity is ancillary to their main business (meaning this firm does not require authorisation under MiFID).

Read the letter in full. 

Read the associated press release.

EMIR – updated list of Central Clearing Counterparties authorised to offer clearing services and activities in the EU

ESMA updated its list on 27 March 2018, of Central Clearing Counterparties (CCP) authorised to offer services and activities in the EU.

The CCPs are listed here.

ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors, and finds high degree of asset concentration in EU alternative fund industry

ESMA agreed on 27 March 2018, to prohibit binary options and restrict CFDs to protect retail investors, for three months on a temporary basis, primarily due to their complexity and lack of transparency.

Read additional information here. 

Read the FAQs on this topic. 

Read the associated press release. 

In a survey released on 4 April 2018, ESMA found a high degree of asset concentration in EU alternative fund industry, with 2% of EU AIF funds above EUR 1bn in size, holding around 46% of the industry’s total net asset value.

No anti-competitive measures are proposed.

Read the survey summary.