Consob Position reporting obligation on commodity derivatives, emission quotas and related derivatives, pursuant to Article 58, MiFID II

Article 58.1(b) of Directive 2014/65 / EU - MiFID II (implemented by Article 68.4.4(a) of the TUF), provides that the investment firm or market operator operating a trading venue where commodities derivatives, emission allowances or derivatives thereof are traded (‘commodity derivatives’), provide the competent authority, at least once a day, a complete breakdown of the positions of all persons, including members or participants and their customers, on that trading venue.

Article 58.2 of MiFID II (implemented by Article 68.4.2 of the TUF), provides that investment firms trading in commodity derivatives outside a trading venue (OTC), that are economically equivalent to those traded on a trading venue, provide the authority competent on that trading venue, at least once a day, a report with a breakdown of positions on such contracts. The report contains a complete breakdown of their positions on commodity derivatives, as well as of those of their clients and the clients of those clients until the end client is reached.

This communication is not addressed to "non-financial entities" (including those with exemption from the position limits regime, for positions with objectively measurable capacity to reduce risks directly related to commercial activity, pursuant to Article 57.1(b) of MiFID II), but is exclusively for trading venues and investment firms.

The timing for transmitting these reports to Consob is attached, as well as the necessary technical information (report format, system requirements and exchange methods, communication protocol, etc.).

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