ESMA have today issued a new Questions and Answers document on the commodity derivatives rules under MiFID II, adopted by the European Commission on 1st December (see here). The Q+A  can be found here, along with an accompanying press release here. Several other documents were also issued, including updated  documents on transparency topics such as systematic internalisers here and market structures here.

The documents answer some questions on the position limits rules, as defined by RTS 21 and the Ancillary Activity test as defined by RTS 20 (see here). However, there will be many other unanswered questions which will need to be resolved before the technical standards can be understood with certainty.