This blog is back after an unexpected break. We are hoping to issue more “catch up” posts over the coming days.
Last week, ESMA issued this statement, which asks EU National Competent Authorities to effectively apply the changes to the MIFID II position limits rules that are to take effect in February 2022 (see here). The changes will come as part of the “MIFID II quick fix” package which was published in the Official Journal recently and which followed a consultation around MIFID II position limits and the desire to lower the burden of MIFID II due to the Covid 19 pandemic.
The changes to position limits include a reduction in scope to contracts with an open interest of over 300,000 lots, other than for some agricultural commodity derivative contracts, as well as an extension of the exemption regime.