Commission writes to ESMA on financial instrument classification: The Commission has written to ESMA asking it to consider whether formal guidance is needed on the definition of "financial instrument" relating to FX contracts. It had formerly suggested that new level 2 measures under the current Markets in Financial Instruments Directive (MiFID) might be appropriate, but notes the ability to make these lapsed at the end of 2012. Accordingly, it has asked ESMA whether it thinks the current approach Member States take is acceptable for harmonised European Market Infrastructure Regulation (EMIR) reporting purposes and formal clarification can await MiFID 2 implementation. Otherwise, it invites ESMA to consider whether it needs to make guidance, bearing in mind the principle of proportionality dictates it should not take action now that will require Member States to make changes they will need to review in 2017 when implementing MiFID 2. (Source: Commission Writes to ESMA on Financial Instrument Classification)