On 12 July 2022, the European Securities and Markets Authority (ESMA) published an opinion on the classification of third-country counterparties. The opinion clarifies how third-country financial entities should be classified in the weekly position reports on commodity derivatives and emission allowances derivatives under MiFID II. The opinion states that for the purpose of the weekly position reports, third-country financial entities should be classified as they would be classified if they were established in the EU. Its aim is to improve the quality and consistency of these reports.