On August 8, the UK Financial Conduct Authority (FCA) updated a section of its website relating to the treatment of commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) by adding a question and answer document (Q&A). The Q&A contains 34 questions and answers relating to the following topics:

  • ancillary activities notification;
  • position limits;
  • position limit exemption applications; and
  • reporting.

The FCA’s disclaimer to the Q&A states that while it is published as a working draft, and may be subject to further amendment going forward, it reflects the content of the FCA’s recently published Policy Statement 17/14 on the implementation of MiFID II (for further information see the July 7 Corporate Financial Weekly Digest).

The website and Q&A are available here and here, respectively.