ARTICLE
29 May 2015

Commodity Derivatives Definitions Under MiFID I Clarified By ESMA

CG
CSB Group

Contributor

Established in 1987, CSB Group offers diverse yet specialised business solutions and commercial services to a vast portfolio of corporate and private clients seeking to setup a business or relocate to Malta. With an 100+ team of qualified professionals we strive to be a partner of choice to our clients, providing them with tailor-made solutions, uniquely aimed at helping them succeed.
It is also important to note that these guidelines will not be translated to other European languages since their effective duration is rather short.
Malta Finance and Banking

The European Securities and Markets Authority (ESMA) has published its final guidelines with regards to the Markets in Financial Instruments Directive (MiFID) I. At present, there is no universally adopted definition of derivatives under MiFID I within the EU. These guidelines will act as a single reference point for the application of definitions of commodity derivatives under C6 and C7 of Annex I of current MiFID I.

Current national application of the definitions is leading to inconsistency in the application of EMIR, particularly MiFID II will come into effect on 3rd January 2017, at the time when the European Commission would have issued its own delegated acts in view of these definitions. The new guidelines will start being applied as of 7th August 2015 and these will be superseded by the EC's delegated acts on MiFID II.

It is also important to note that these guidelines will not be translated to other European languages since their effective duration is rather short. 

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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