On October 2, the European Securities and Markets Authority (ESMA) published an updated version of its question and answer document (Q&A) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR).

The update includes two new answers. The first relates to position limits and clarifies that position limits apply to contracts entered into prior to January 3, 2018, while the second relates to position reporting. The Q&A also features three modified questions in relation to ancillary activities.

The updated Q&A is available here.