ESMA is asking people in the industry for what they think about new changes to MiFID II

The EU’s top markets authority is looking for input from the financial industry about changes to one of its trickier pieces of legislation.

Since the EU’s introduced the Markets in Financial Instruments Directive (MiFID II) it has become a huge headache for compliance officers around the continent who have struggled to get their heads around it.

The updated regulation was first enforced in 2018 and introduced intense demands on market stakeholders to expand the scope of their transaction reporting and to include OTC derivatives and wide array financial instruments.

Now the European Securities and Markets Authority (ESMA) is considering making changes to MiFID II’s rules about position limits and position management in commodity derivatives.

ESMA is now looking to hear from stakeholders about the changes and has released a consultation paper to hear people’s thoughts. Anyone looking to contribute their feedback has until January 8 2020 to do so.

The consultation paper builds on responses from a call for evidence published in May 2019. The consultation paper analyses the impact of position limits on market abuse and orderly pricing and settlement as well as the impact the position limit regime may have had on less liquid commodity derivative contracts.

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