The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For guidance, see Practice Notes: Brexit—impact on finance transactions—Key issues for derivatives transactions, Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs and The impact of Brexit on the MiFID II regime.
This Practice Note sets out what position limits are under Article 57 of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and how these apply to commodity derivatives or derivatives with an underlying commodity, pursuant to Commission Delegated Regulation (EU) 2017/591 (RTS 21).
MiFID II has increased the scope of activities, services and financial instruments beyond what was covered by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). It has also made changes to several of the exemptions that were available under MiFID, including those which were applicable in relation to commodities. Firms specialising in trading commodities and commodity derivatives were exempt under Article 2(1)(k) of MiFID, provided that they were not part of a group whose main business was the provision of other investment services. These dealers have been brought within the scope of MiFID II and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), unless they qualify for
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