On 2 October 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFID II and MiFIR commodity derivatives topics.

A new Q&A on position limits has been inserted providing an answer to the following question: Do position limits also apply to positions in contracts that have been entered into prior to 3 January 2018 and are traded on a trading venue, including an organised trading facility, or are economically equivalent over-the-counter contracts to those traded on a trading venue?

ESMA has also modified a couple of Q&As relating to ancillary activity, it has also added a new Q&A answering the following question: Which types of firm fall within each of the Implementing Technical Standard 4 categories for the purposes of the weekly Commitment of Trader reports?

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