On December 1, the European Commission adopted two delegated regulations (together, Delegated Regulations) to supplement the revised Markets in Financial Instruments Directive. The Delegated Regulations adopted include:

• regulation regarding the application of position limits to commodity derivatives, available here; and

• regulation pertaining to the criteria for establishing when an activity is considered to be ancillary to the main business, available here.

The European Council and European Parliament will consider the Delegated Regulations and, once formally approved, the Delegated Regulations will go into effect 20 days following their publication in the Official Journal of the European Union.