Q&A · ESMA
Securitised derivatives
Answered
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Securitised derivatives with a commodity underlying are transferable securities under Article 4(1)(44)(c) MiFID II and commodity derivatives under Article 2(1)(30) MiFIR, whereas exchange-traded commodities are debt instruments outside that definition and outside position limits; ESMA lists typical features to tell them apart, and notes securitised derivatives are no longer subject to position limits or position reporting.
Details
| Reference | ESMA_QA_1275 |
|---|---|
| Issuer | ESMA |
| Published | 23 Sept 2022 |
| Answered | 23 Sept 2022 |
| Submitted | 23 Sept 2022 |
| ESMA topics | Position limits |
| Earlier Q&A document | ESMA70-872942901-36 Commodity derivatives, position limits Q&A 7 |
Provisions it relates to
- Article 57 MiFID II · Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowancesExplicit reference
- Article 58 MiFID II · Position reporting by categories of position holdersExplicit reference
- MiFID II (whole act)Explicit reference