On December 14 and 15, the European Securities and Markets Authority (ESMA) published a number of new and updated question and answer documents (Q&As) relating to, among other things, the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR).

The Q&As relate to the following topics:

• MiFID II and MiFIR post-trading topics: This Q&A has been updated to include a new question and answer on indirect clearing, specifically on the treatment of certain forms of segregation level for indirect clearing account in the event of a clearing member default.
• MiFID II and MiFIR commodity derivatives topics: This update includes new answers regarding position limits and position reporting.
• Implementation of the European Market Infrastructure Regulation (EMIR): This Q&A has been updated to include a word-for-word reflection of the new MiFID II post-trading Q&A question, above. It also includes a new question relating to trade repositories.
• The Market Abuse Regulation (MAR): This Q&A now features a new question relating to emission allowances and emission allowances market participants.