On March 27, the European Securities and Markets Association (ESMA) published an updated version of its questions and answers document (Q&As) on commodity derivatives topics under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The Q&As, were last updated on January 4, (as reported in the January 11, 2019 edition of Corporate & Financial Weekly Digest).

Q&A 6 under section 3 clarifies that any ancillary activity notifications need to be made annually by April 1 of the year for which the exemption applies. Q&A 14 under section 3 clarifies that a third-country firm (or a third-country subsidiary of an EU firm) dealing on an EU trading venue in commodity derivatives or emission allowances or derivatives thereof is not in scope of the ancillary activity test.

The updated Q&As are available here.