CSSF FAQ – MiFID II/MiFIR is a CSSF FAQ, published 14 April 2020.
\nMain topic: MiFID II. Keywords: Trading venue, Transaction reporting.
\nQ&A MiFID II/MiFIR MiFID II/MiFIR - Questions and Answers Version of 13 July 2026
\nQ&A MIFID II/MIFIR Version of 13/07/2026
\nQ&A MiFID II/MiFIR CONTENTS 1. Glossary 4 2. Questions relating to data reporting 5 2.1. Questions relating to data transmission 5 Question 2.1.1. 5 2.2. Questions relating to transaction reporting data samples 5 Question 2.2.1. Who can submit such requests for data samples? 6 Question 2.2.2. How shall credit institutions and investment firms address such requests to the CSSF? 6 Question 2.2.3. How does the CSSF make transaction reporting data samples available? 6 Question 2.2.4. What is the maximum period of data that can be requested? 6 2.3. Questions relating to the transmission of an order within the meaning of Article 4 of Regulation (EU) 2017/590 7 Question 2.3.1. Is a written agreement between the transmitting investment firm or credit institution and the receiving investment firm or credit institution required? 7 Question 2.3.2. Can the agreement concluded between the two parties stipulate that the responsibility for the completeness, quality and timeliness lies entirely with one of the two contractual parties? 7 Question 2.3.3. Can the transmission agreement provide for fixed values for the different elements listed under Article 4.2., points (a) to (j), of Regulation (EU) 2017/590? 8 Question 2.3.4. What should be reported if the account of the final client is with the receiving entity of the order but the receiving entity has received the order from an entity which has a discretionary management mandate over the client's account and with which the receiving firm does not have a transmission agreement? 8 3. Questions relating to commodity derivatives contracts 9 Question 3.1. Which financial instruments are governed by the provisions of Articles 57 and 58 of MiFID II? 9 Question 3.2. Do trading venues need to inform the CSSF about the listing of commodity derivatives? 10 Question 3.3. Will the CSSF publish the position limits it has set? 10 Question 3.4. To whom do the position limits on commodity derivatives apply? 10
\nQ&A MIFID II/MIFIR Version of 13/07/2026
\nQuestion 3.5. What types of exemptions are there in the context of dealing in commodity derivatives? 11 Question 3.6. What are the effects of the ancillary activity exemption? 11 Question 3.7. Do entities need to notify competent authorities that they make use of the ancillary activity exemption? 12 Question 3.8. 12 Question 3.9. What are the effects of the position limits exemptions of Article 57.1. of MiFID II? 12 Question 3.10. To which competent authority shall entities submit their position limits exemption requests under Article 57.1. of MiFID II? 12 Question 3.11. How shall an operator of a trading venue which trades commodity derivatives or derivatives of emission allowances inform the CSSF of the details of position management controls it applies in accordance with Article 57, paragraphs 8 to 10, of MiFID II? 13 4. Questions relating to transparency obligations under MiFIR 14 4.1. Questions relating to post trade transparency under MiFIR 14 Question 4.1.1. Does the CSSF authorise the deferred publication of the details of the transactions in derivatives under MiFIR? 14 Question 4.1.2. Has the CSSF temporarily suspended post-trade transparency obligations? 16 Question 4.1.3. Does the CSSF allow supplementary deferrals in respect of sovereign debt instruments? 16 4.2. Questions relating to systematic internalisers and designated publishing entities 17 Question 4.2.1. How can an entity that qualifies or wishes to opt in as systematic internaliser notify the CSSF? 17 Question 4.2.2. How can an entity which want to opt in as designated publishing entity notify the CSSF? 17 5. Questions relating to market structures 18 5.1. Questions regarding algorithmic trading and direct electronic access 18 Question 5.1.1. How can entities that engage in algorithmic trading notify this to the CSSF pursuant to Article 17.2.
\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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