ESMA Publishes Final Report on Draft RTS of Commodity Derivatives Under MiFID II Recovery Package
On 22 November 2021, ESMA published its Final Report on its draft RTS relating to commodity derivatives under the MiFID II Recovery Package. The Final Report includes proposals on the application procedure for position limit exemptions, as well as a methodology for national competent authorities to determine position limits under the MiFID II Recovery Package (whereby limits will apply only to agricultural commodity derivatives and to critical or significant commodity derivatives). This new draft RTS 21a will repeal the existing RTS 21. The European Commission has three (3) months to decide whether to endorse the draft RTS. The changes will apply from 28 February 2022.