Circular CSSF 19/723 is a CSSF circular, published 18 July 2019 and updated 19 July 2019. Subject: ESMA Guidelines on the application of the definitions of commodity derivatives in Sections C6 and C7 of Annex I of MiFID II.
\nLegal basis: Law of 30 May 2018 on markets in financial instruments.
\nRelevant for: Credit institutions, Investment firms, Management companies - Chapter 15.
\nMain topic: EMIR, MiFID II. Keywords: Trading venue, Transaction reporting.
\nRepeals Circular CSSF 15/615.
\nLuxembourg, 18 July 2019
\nTo all financial market participants
\nCIRCULAR CSSF 19/723 Re:
\nESMA Guidelines on the application of the definitions of commodity derivatives in Sections C6 and C7 of Annex I of MiFID II
\nLadies and Gentlemen, The purpose of this circular is to transpose the “Guidelines on the application of C6 and C7 of Annex I of MiFID II 1 (Ref. ESMA-70-156-869)” (hereafter, the “Guidelines”), published on 5 June 2019 by the European Securities and Markets Authority (ESMA), into Luxembourg regulations. The Guidelines relate to the application of the definitions of commodity derivatives and their classification under points 6 and 7 of Section C (Financial Instruments) of Annex I of MiFID II, transposed into Luxembourg legislation by the law of 30 May 2018 on markets in financial instruments and aim at ensuring a common, uniform and consistent application of MiFID II and potentially other Directives and Regulations that rely on MiFID II definitions of financial instruments. The Guidelines represent an updated version of the guidelines that ESMA published under Directive 2004/39/EC 2 (Ref. ESMA/2015/675) in the same context and which were transposed into Luxembourg regulations by CSSF Circular 15/615 of 11 June 2015. This circular repeals Circular CSSF 15/615 of 11 June 2015.
\nDirective 2014/65/UE of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments amending Directive 2002/92/EC and Directive 2011/61/EU 2 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC
\nThe Guidelines are annexed to this circular and are available on ESMA’s website http://www.esma.europa.eu. This circular enters into force on the day of its publication.
\nYours faithfully,
\nAnnex:
\nGuidelines on the application of the definitions in Sections C6 and C7 of Annex I of MiFID II (Ref. ESMA70-156-869)
\nGuidelines On the application of C6 and C7 of Annex 1 of MiFID II
\n05/06/2019 | ESMA-70-156-869
\nTable of Contents I.
\nScope ............................................................................................................................. 3
\nII.
\nLegislative references and abbreviations ........................................................................ 3
\nIII. Purpose.......................................................................................................................... 4 IV. Compliance and reporting obligations............................................................................. 5 V.
\nGuidelines on the application of C6 and C7 of Annex 1 of MiFID II ................................. 6
\nScope Who? 1. These guidelines apply to competent authorities and investment firms as defined in Article 4(1)(1) of MiFID II. What? 2. Pursuant to the application of MiFID II and Article 7 of Regulation 2017/565, these guidelines amend the ESMA C6/C7 guidelines (ESMA/2015/1341) that were issued to clarify points (6) and (7) of Section C, Annex I of MiFID as supplemented by Article 38 of Regulation 1287/2006/EC. When? 3. These guidelines start to apply two months after the date of their publication on the ESMA’s website in all official languages of the EU.
\nII.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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