Esma said Mifid I definitions have meant inconsistent application of Emir
The European Securities
and Markets Authority (Esma) published guidelines clarifying
the definition of commodity derivatives under Mifid I, in a
move designed to harmonise the application of a new reform by
In a statement released
on Wednesday, the regulator said it published the guidelines to
address the absence of a commonly adopted definition of
derivatives across Europe.
The regulator claims the varying
application of the Mifid I definitions, introduced in 2007, had
led to "the inconsistent application of the European Market
Infrastructure Regulation (Emir), which refers to the Mifid
commodity derivatives definition".
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