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On February 9, 2017, ESMA published revised final draft
Implementing Technical Standards on the format of position reports
by market operators and investment firms. The revised Markets in
Financial Instruments Directive requires national regulators to
establish and apply position limits on the size of a net position
in commodity derivatives traded on trading venues and economically
equivalent OTC contracts. The limits will apply to the size of a
position that a person can hold, including any other positions held
on behalf of that person by group entities. Market operators and
investment firms will be subject to certain position reporting
requirements. The position reporting regime is intended to support
the application and enforcement of position limits.
ESMA has revised the ITS that it submitted to the European
Commission for endorsement in December 2015 because of difficulties
experienced in implementing the original ITS in practice. Among
other things, the revised ITS remove the obligation on firms to
report positions gross. ESMA has submitted the revised ITS to the
European Commission for endorsement. The MiFID II package will
apply from January 3, 2018.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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