See here for an article on the swissinfo website from Bloomberg reporting that several Regulatory Technical Standards (RTS) have been “sent back” to ESMA by the European Commission. In particular, it would appear from the article that RTS 20 and 21, relating to the Ancillary Activity test and Position Limits, have been sent back.

The article refers to the frustration felt by many at the slow pace of finalising these rules. These specific RTSs have a potentially high impact on the commodity and energy community. In particular, the possible loss of exemption by those in the sector, leading to a requirement to set up a “regulated entity”, could trigger a large work programme.

Although the implementation date of MiFID II has been pushed back to 3 January 2018, a late finalisation of these rules will increase the challenge that those who lose their exemption will face in taking appropriate action to be ready.