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MiFID II will have a significant impact on financial institutions providing services in the EU. Hogan Lovells has created this site to help firms understand what will change under MiFID II, and how those changes may affect their business.

MiFID II will bring an expanded range of commodity derivatives within the scope of the MiFID regime, including derivatives relating to emissions allowances and certain derivatives trading on organised trading facilities. In addition, the existing exemptions for firms dealing in commodity derivatives will be narrowed significantly. In particular, MiFID II will remove the exemption for persons whose main business is dealing on own account in commodities and/or commodity derivatives.

MiFID II will require national regulators to impose limits on the size of positions that a market participant can hold in in commodity derivatives.

Market participants will have to report the size of their positions in commodity derivatives on a trading venue to that venue; the trading venue will then be required to report the positions to the regulator.  

ESMA will have expanded powers to require market participants to reduce or eliminate their holdings in commodity derivatives.

Please click the link below to view our briefing note on this topic.

Hogan Lovells Publications

CONSOB secondary level measures implementing MiFID II

As follow up to the consultation of July 2017, today CONSOB published the outcome of the consultation and Resolution No. 20307 ("New CONSOB Regulation on Intermediaries"), which sets out...

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Non-retail inducements rules under MiFID II – time to push back on gold-plating?

The FCA's third consultation paper on MiFID II implementation, released in September 2016, proposes a number of changes to the current UK inducements rules, including the criteria for...

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Press Releases

Year-Long Delay to MiFID II Finally Approved; UK Must Transpose Rules into National law by July 2017

The Council of the European Union has given final approval to delay the implementation of the Markets in Financial Instruments Directive II (MiFID II) by 12 months.  The MiFID II...

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